The Upper Amenfi Rural Bank PLC at Ankwaso in the Amenfi Central District of the Western Region has recorded a profit before tax of GH¢25.64 million, an increase of 153.35 per cent over the previous year.
Mrs Georgina Lartey, on behalf of the Board Chairman of the Bank, reporting on the Bank’s activities for last year, said the bank had achieved strong operational results despite the increased regulatory oversight by the Bank of Ghana.
She was speaking at the 35th Annual General Meeting (AGM) to take stock of 2024 annual performance, and strategize for this year.
Mrs Lartey stated that the Bank had demonstrated resilience, adaptability, and a strong commitment to delivering value to shareholders, customers and other stakeholders.
According to her, the total assets of the bank grew by 79.48 per cent from GH¢373.178 million to GH¢669,748,082.59.
Deposits increased by 78.38 per cent from GH¢344.60 million to GH¢614.68 million, and loans disbursed rose by 9.99 per cent.
She noted that the Bank maintained a strong capital adequacy ratio of 27.50 per cent, which was above regulatory requirements, ensuring stability.
On dividends, Mrs Lartey said: “After the bank recognised the strong financial performance, the Board was pleased to recommend a dividend pay-outs of GH¢0.1 per share, which has been approved by the Bank of Ghana.”
She stated that due to the strong financial muscles of the bank, the Association of Rural Banks of Ghana honoured it as the First Runner Up in Deposit Mobilisation Rural Bank in Ghana, indicating a testament to the team’s dedication and customers’ trust.
Touching on Corporate Social Responsibility (CSR), she said the bank supported education through scholarships, funded health initiatives, and invested in local infrastructure projects.
“These efforts aligned with our mission to drive sustainable development in the community we serve,” she said.
On projection for the future, Mrs Lartey said the bank remained optimistic of being among the top five Rural and Community Banks in the country through digital banking solutions, enhancing customer experience, maintaining strong risk management practices, and sustaining growth while, supporting economic recovery at the grassroots level.
Mr Leonard N. Maasang, on behalf of the Managing Director, ARB APEX Bank Limited, congratulated Upper Amenfi Rural Bank for the exceptional performance in 2024, saying they were one of the most profitable Rural and Community Banks (RCBs) in Ghana.
He extended his deepest gratitude to the shareholders for the trust, dedicated staff for their hard work, and customers for their loyalty.
Source: GNA
The post Upper Amenfi Rural Bank records GH¢25.64m profit in 2024 appeared first on Ghana Business News.
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