Atwima Rural Bank records growth in all indicators

The Atwima Rural Bank Plc at Foase in the Atwima Kwanwoma District of Ashanti region has posted growth in all indicators in the 2023 year under review.

The bank recorded a profit of approximately GH¢1million from GH¢818,545, in the previous year representing 22.5%.

The Atwima Rural Bank posted a profit before tax and impairment of over GH¢ 1.6 million, signifying improvement over the preceding year, assuring shareholders of sustained operational efficiency to end the year and exceeding budget expectation.

However, the Atwima Rural Bank could not declare and pay dividend in the face of profits made in the year under review. This development stems from the current net worth of the bank. In view of this, shareholders and prospective ones have been urged to buy more shares to correct this development.

The Chairman of the Board of Directors Eric Appiah, announced these and more at the Bank’s 30^th Annual General Meeting of shareholders held at Foase in the Ashanti Region.

Operational Environment

According to him, volatility of the local currency (Cedi) against the major currencies improved from 60% in 2022 to 17% in 2023, responding to adjustment in macroeconomic policies.

At the end of December 2023, Ghana’s rural banking industry’s aggregate balance sheet depicted impressive performance comparative with total assets increasing from GH¢212.0 billion in December 2022 to GH¢274.9 billion in the year under review.

Overall, the performance of banks and other related institutions reflects an industry that is responding meaningfully from the domestic debt programme and positively driving the economy towards the path of recovery and steady growth in the immediate, medium and long-term.

Operational Performance

In the face of unprecedented galloping inflation and unstable macroeconomic challenges, the bank was able to make strides in almost all indicators a shown in the table.

Performance Indicators for 2023 as against 2022

Indicators	2023 GH¢	2022 GH¢	GROWTH %
Deposits	69,101,466	53,005,772	30.40
Investments	22,574,322	17,450,157	29.40
Loans and Advances	26,192,894	18,214,169	44.40
Share Capital	1,738,779	1,723,669	0.90
Total Assets	66,445,275	49,279,785	35.00
Profit for the Year	1,002,507	818,545	22.50
Net Worth	-4,683,804	-5,065,770	8.00

ARB Apex Bank

In an address read on behalf of the Managing Director of ARB Apex Bank, Alex Kwasi Awuah, expressed satisfaction at the 41.5 percent growth in profit before tax from GH¢ 797,734 in 2022 to GH¢1.12 million in 2023. This stride, according to Mr. Awuah, is a sign that the bank is on the right track to recovery.

Additionally, he also lauded the bank for recording 43.80 percent growth in the loans and advances from GH¢ 18.21 million in 2022 to GH¢ 26.19 million in 2023, explaining that the development shows the board and management of the bank are committed to credit extension to the communities in which it operates.

Future Outlook

The Chief Executive Officer of the Bank, Clifford Awuah, in an interview with Business & Financial Times indicated that the immediate objective of bank is to bring those in their catchment area onboard in an attempt to achieve the financial inclusion agenda which is being championed by the government of Ghana.

This he noted would help individuals to open accounts with the bank and thereby have access to loans for expansion of their businesses.

The Bank has made some significant progress since he took over as the CEO in 2022. As at September 2024 the Bank’s deposit had hit about GH¢103.6million from 49.3 million from the same period in 2022 representing 110%.

The Bank’s total assets has also increased from GH¢ 67.2 million in September 2022 to GH¢ 101.4 million in September 2024 with a growth rate of 51% with loans and advances growing by 70.25% from GH¢20.5million to GH¢34.4million.

The Bank has recorded a profit before tax of GH¢1.98 million as at September 2024 with investments in the money market hitting GH¢ 40.5million representing an impressive growth of 223%.

The post Atwima Rural Bank records growth in all indicators appeared first on The Business & Financial Times.

Read Full Story