Capital Rural Bank Plc, based at Abesim near Sunyani in the Bono Region, delivered strong performance in the 2024 financial year, recording impressive growth across key performance indicators.
The bank’s profit after tax rose sharply by 212.75%, reaching GH¢2.22 million in 2024 compared with GH¢709,916 in 2023. The bank attributed this remarkable performance to robust revenue growth and improved operational efficiency, underscoring the bank’s resilience and sound strategic direction.
During the year under review, the Bank’s total deposits grew from GH¢37.20 million in 2023 to GH¢58.08 million in 2024, representing a 56.13% year-on-year increase. Notably, deposits more than doubled over the past two years, rising by 106% between 2022 and 2024, underscoring strong customer confidence and sustained growth momentum.
The Bank also expanded its loans and advances portfolio by 39.92%, increasing from GH¢17.31 million to GH¢24.22 million, thereby extending greater financial support to businesses and individuals.
Similarly, total assets appreciated by 53.79%, surging from GH¢44.83 million to GH¢68.40 million. This growth was driven primarily by a rise in investment securities, which increased from GH¢16.42 million to GH¢26.14 million, alongside the expansion of deposits and the loan book.
Addressing shareholders at the Bank’s 20th Annual General Meeting in Abesim, Board Chairperson, Patricia Peprah-Agyemang, noted that despite economic and operational challenges in 2024, the Bank achieved these gains through prudent management. She attributed the performance to “favourable interest rates offered by government and excellent capital allocation by the Bank.”
Shareholders’ funds rose significantly in 2024, reaching GH¢6.30 million, compared with GH¢4.04 million in the prior year. This reflects a 55.96% year-on-year growth, underscoring the Bank’s continued strengthening of its capital base. The Bank’s stated capital also recorded a marginal increase from GH¢1,103,371 to GH¢1,146,926.
In line with its profit performance, the Board of Directors, led by Mrs. Peprah-Agyemang, proposed a dividend of GH¢300,000, translating into GH¢0.03 per share. This proposal received approval from the Bank of Ghana, reinforcing the Bank’s commitment to delivering value to shareholders while ensuring compliance with regulatory requirements.
Beyond its financial achievements, the Bank remained committed to social impact within its operational areas. A dedicated Community Development Fund has been established to drive initiatives that improve livelihoods and promote sustainable development. During the year under review, the Bank disbursed GH¢90,310 in support of various community development projects, reflecting its strong focus on corporate social responsibility and stakeholder engagement.
The Chief Executive Officer of Capital Rural Bank, Martin Kobire, reaffirmed the Bank’s commitment to consolidating the gains achieved in recent years. He noted that the Bank will continue to pursue strategic partnerships, particularly within the agribusiness and construction sectors, as a pathway to driving sustainable growth and creating shared value for stakeholders.
Looking ahead, the Bank’s operations will be guided by its 2025–2029 Strategic Plan, designed to unlock long-term value and strengthen its leadership in rural finance. The plan is anchored on five key pillars: digital inclusion, micro-lending expansion, SME financing, risk management, and human capital development.
“These strategic thrusts,” Mr. Kobire emphasized, “position Capital Rural Bank to lead in inclusive rural finance while delivering measurable and lasting impact across our communities.”
The post Capital Rural Bank achieves over 200% profit growth in 2024 appeared first on The Business & Financial Times.
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