The annual general performance by the Yaa Asantewaa Rural bank in the 2021 financial year is reported to be satisfactory amid the difficulties and challenges in both macro and micro-economic environment.
At the 9th annual general stakeholders meeting in Ejisu, the capital town of Ejisu municipality, the director, Mr. Samuel Addo Otoo, stated, “the year under review was still a difficult and challenging one as a result of the impact of Covid-19 outbreak and aftermath of the banking sector cleanup exercise by bank of Ghana locking up funds invested.”
He again, highlighted on some of the indicators of the micro-economy under which the bank performed in the year under review. With references to the 14.5% policy rate from 2020 to 2021. Inflation rate with marginal increase to 12.7% in 2021 from 10.6% in 2020. The 91-Day, 182-Day, and 365-Day Treasury Bill rates dropped by 1.96%, 1.76%, and 2.69% respectively in 2021 as compared to 14.10%, 14.15%, and 16.96% in 2020 respectively.The depreciation rate of the cedi to major trading currencies being 3.93% in 2021 compared to 3.1% depreciation in 2020.
In all these gloomy financial climate, Yaa Asantewaa Rural Bank, made strides to offer its customers the best of services meeting their financial demands in 2021. And also made some appreciable performance growth in the bank’s asset to Gh34,117,566.00 in 2021 from the 2020 figure of GH30,742,940.00 representing a growth rate of 10.98%.
Customers Deposit saw a growth rate of 24.11% from amount of Gh25,511,422.00 to Gh31,662,713.00 in 2021.
Outstanding loans and advances balance at Gh5,946,442.00 compared to Gh11,341,014.00 in 2020 representing a decrease in growth by 47.57%.
The Capital Adequacy Ratio(CAR) was maintained at 4.16% with primary and secondary reserves at 17.69% and 37.60% respectively at the end of 31st December, 2021.
The year under review saw a growth in in Revenue by 4.07% from Gh6.4million in 2020 to Gh6.6million in 2021.
2021 financial year was closed with accumulated expenses of Gh18.9million compared to Gh16.8million in 2020, representing 15.51% which resulted in in cost to income ratio of 110% in 2021 compared to 105% in 2020. “The Directors do not recommend the payment of any dividend to the year under review. The Directors consider the state of affairs of the company to be satisfactory.” As stated in the Directors’ report.
The board, is however optimistic about the future of the the bank based on adequate plans and measures putting in the next financial year. The bank intends to inject US5.00million and to raise a capital through both debt and equity over the next three years either by existing or potential members. Also, the bank will maximize it operations on its digitized platform like their new “TWA TUM K3K3” banking method with the USSD code(*389*972#) for easy banking and transactions.
The Director, Mr. Samuel Addo Otoo, concluded by appalling to all shareholders to acquire more shares to help put the bank in a good position should bank of Ghana decide to raise its capital requirement.