- records 157% growth in profit
By Seth KRAMPAH, Asokore Mampong
Asokore Mampong Rural Bank PLC, at Asokore Mampong in the Asokore Mampong Municipality in the Ashanti Region has recorded impressive growth in almost all financial indicators in the 2024 year under review.
From enhanced service delivery to strategic investments, the bank is now firmly positioned on a trajectory of expansion, resilience, and impact across the local financial landscape.
The Bank has recorded an unprecedented profit before tax of approximately GH¢1.62 million in the 2024 year under review as against GH¢629,014 in the previous year representing an impressive growth of 157%. This remarkable performance achieved helped in growing shareholders’ funds by 85% from GH¢1.86 million as at December 2023 to 3.45 million Ghana cedis in 2024.
By this, the Board of Directors has congratulated management and staff for the remarkable approximately GH¢1million profit growth which translates in absolute terms and have therefore been urged to work assiduously towards increasing the Bank’s profitability to increase shareholders’ investments. Directors of the bank have also been commended for their strategic
direction and decisiveness in achieving this remarkable success.
The significant rise in profit has been attributed to improved revenues generated from operations and prudent management of recurrent expenditures both on the part of the Board, Management and the entire Staff.
The Bank’s total assets improved significantly from GH¢ 30.75 in 2023 to reach GH¢50.78 million in 2024 representing a growth of 65% with total deposits hitting approximately GH¢44.34 million from a little over GH¢28.03 million recording 58% growth. Similarly, Investment also grew by 63% from GH¢15.95million in 2023 to reach GH¢ 26.06 million Ghana cedis in 2024.
However, due to the general uncertainties that existed in 2024 general elections, the Bank was extremely careful in the disbursement of loans which led to a marginal decline in the loan portfolio by about 7%.
Management of the Bank has, however, projected a favorable economic environment in 2025 which would foster improved loan disbursement, especially to the micro, small and medium scale sector of the economy.
The Directors have assured all shareholders that they would not rest on their oars but challenge themselves to work even harder in the years ahead to ensure that the bank attains its vision of becoming a top, people-centered bank that makes the financial life of their customers easier.
The Vice Chairman of the Board of Directors, Sefa Dankwa announced these and more at the Bank’s 4th Annual General Meeting of shareholders held last Friday at the Asokore Mampong Chief’s Palace near Kumasi.
Operational Environment
According to him, the year 2024 was characterised by uncertainties and speculations typical
of election years in Ghana. The government successfully secured an IMF programme igniting some level of confidence which positively affected some of the country’s macroeconomic indicators.
As of October 2024, the Ghana cedi had depreciated by 27.1% against the US dollars but slowed to 2.4% at the end of the year 2024. Similarly, the cedi depreciated against the Great Britain Pounds by 27.8% as at October 2024 but slowed to a year-to-date depreciation of 0.8%.
Interest on treasury instruments according to Bank of Ghana’s SMFD also dropped in the period
under review. Interest on the 91-day Treasury bill which was 29.39% as at December 2023 dropped to 27.73% in December 2024. The 182-day Treasury bill was 31.70% as at December 2023 but dropped to 28.43% in the same period under review. Average lending rate on the other hand declined from an average of 33.75% as at December 2023 to 30.25% in December 2024.
In spite of the challenging macroeconomic environment coupled with the high inflationary rate that pertained during the reviewed year, the bank managed to pull a remarkable operational performance in almost all key financial indicators as indicated in the table.
Corporate Social Responsibility
The Bank continues to provide support to various state institutions and stakeholders within its catchment areas. Some projects supported within the bank’s catchment areas during the year under review included that of the Traditional Councils, Ghana Education Service (GES), the security agencies, some government health facilities and support for Farmers’ Day Celebration. For the year 2024, a total of GH¢46,489 was spent on CSR programmes for local communities.
The Board Chairman stressed that the bank is socially responsible and would continue to support projects and engage in environmentally friendly activities in the years ahead.
Commendation / Advice
The Kumasi Manager of ARB Apex Bank, Leonard Maasang who delivered an address on behalf of the Managing Director, Alex Kwasi Awuah, congratulated the shareholders, and commended the Board and Management of the Bank’s exceptional performance in the 2024 reviewed year.
Commenting on the operational performance of the Bank, he emphasised that the numbers are not mere statistics but a representation of the story of disciplined management, growing customer confidence, and the effectiveness of the rural banking model implemented with integrity and focus.
The MD of ARB Apex Bank advised Asokore Mampong Rural Bank to deepen its adoption of digital tools; including agency banking, mobile banking platforms, and the GhanaPay solutions, to enhance service delivery, expand outreach, and reduce operational costs.
He mentioned that digital transformation is not merely about technology; it is about building convenience and trust. He stressed that ARB Apex Bank continues to invest in shared digital infrastructure for RCBs and urged Asokore Mampong Rural Bank to leverage these platforms to reach more customers, especially the youth and informal sector workers who increasingly prefer mobile-based services.
Future Outlook
The Chief Executive Officer of the Bank, Francis Nantwi, in an interview with the Business & Financial Times, said the Bank would continue its good services and develop need-based products for its customers.
He stressed that as the Bank approaches its fifth year of operations, Asokore Mampong Rural Bank is entering a pivotal phase marked by strategic consolidation and forward-looking growth.
“Our immediate focus is on deepening operational efficiency across all departments—streamlining internal processes, leveraging digital platforms, and optimising cost structures to ensure that every cedi invested yields maximum value.
“We are deploying robust performance monitoring systems and enhancing staff capacity to drive productivity, reducing turnaround times, and improving customer experience. These efforts are already translating into improved margins and a stronger balance sheet, laying the groundwork for sustainable profitability,” he stressed
He indicated that looking ahead, the Board and Management are committed to building investor confidence through transparency, prudent risk management, and consistent financial performance. This strategy according to him is anchored in data-driven decision-making, targeted lending to productive sectors, and expanding the Bank’s footprint in underserved communities.
“We recognise that as a young bank, credibility is earned through results, and we are determined to deliver. By aligning our operational goals with sound governance and stakeholder engagement, we are not only safeguarding shareholder value but also positioning Asokore Mampong Rural Bank as a trusted partner in Ghana’s rural financial ecosystem.”
The post Asokore Mampong Rural Bank posts impressive operational performance appeared first on The Business & Financial Times.
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