Shareholders of the Ankobra West Rural Bank in the Ellembele District in the Western Region are to enjoy a total cash dividend payment of GH¢60,000 or GH¢0.004406 per share, compared with GH¢45,000 paid to members in 2012.
This represents an increase of GH¢15,000 over the previous payments in 2012 and the dividend payment represents 18.71 per cent of the profit before tax of GH¢320,543, as against the profit before tax of GH¢171,711 the bank recorded the previous year.
The Chairman of the Board of Directors of the bank, Mr Mike Ezan, who disclosed this at the 22nd annual general meeting of the bank at Esiama, declared, ‘‘Your bank has consistently paid dividends in appreciation of the stock value of the bank and the modest profitability achievements.’’
However, he indicated that the payment would appear in the 2014 accounts, in conformity with international financial reporting standard (IFRS), adding that the dividend warrant would be dispatched to the shareholders on the bank’s register for the period ending December 31, 2013.
Even though the warrants were available for collection, he appealed to the shareholders to invest at least 50 per cent by purchasing new or additional shares so that they would continue to earn increased dividends as and when the bank’s profit soared.
The record of profit margin and the subsequent proposal for the payment of dividend this year followed the making of a bad debt provision of GH¢212,757, which represented a growth of GH¢151,522 or 82.2 per cent over the performance of the previous year.
Mr Ezan explained that the profit before tax was on the backdrop of a positive prior year adjustment of GH¢112,512 and high staff emoluments and associated costs of GH¢460,314, showing an increase of GH¢135,325 or 41.6 per cent.