The Kwabre Area Rural Bank PLC, headquartered at Kodie, in the Afigya-Kwabre South District, has posted its strongest financial performance yet, recording a significant net profit in 2024 to mark a historic turning point for the institution.
In a sharp contrast to its GH¢274,176.00 loss in 2023, the Bank achieved a net profit of GH¢775,346.00 in 2024.
This translates into a remarkable increase of GH¢1,049,184 in profit before tax, representing a 383% year-on-year rise.
Disclosing this at the Bank’s 5th Annual General Meeting of Shareholders on Saturday June 14, 2025 Board Chairman Ing. Louis Kwachie attributed the feat to sound financial governance, strategic deposit mobilisation and the dedication of the Bank’s staff.
“The Bank’s total assets rose from GH¢7,168,659.00 in 2023 to GH¢15,182,300.00 in 2024 representing a 112% increase,” he stated.
“Total deposits also increased from GH¢6,611,500.00 to GH¢13,147,734.00 indicating a 99% growth.”
Ing. Louis Kwachie commended the staff for their commitment and resilience in achieving these gains, particularly in mobilising customer deposits amid Ghana’s challenging economic landscape.
Beyond financial performance, the Bank also expanded its Corporate Social Responsibility (CSR) initiatives, spending GH¢11,350.00 in 2024 – almost double the GH¢5,710.00 invested the previous year.
“We remain committed to the Communities we serve. Our CSR interventions this year reflect our vision to grow with our people,” the Board Chairman added.
Looking ahead, the Bank is preparing to expand its branch network in 2025 for which feasibility studies have already been completed for two potential locations, with further processes ongoing to support the Bank’s long-term strategic growth.
Kwabre Area Rural Bank PLC continues to demonstrate resilience, innovation, and community-oriented banking, positioning itself as a key player in rural financial development.
The post Kwabre Rural Bank posts strong 2024 financial performance appeared first on The Ghanaian Chronicle.
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