Atwima Rural Bank records 49% growth in profit

The Atwima Rural Bank Plc at Foase in the Atwima Kwanwoma District of Ashanti Region has recorded growth in all financial indicators in the 2024 year under review.

The bank recorded a profit of approximately GH¢1.5million from a little over GH¢1million, in the previous year representing 49%.

The Bank has recorded a significant growth in deposit mobilisation, posting a little over GH? 114.3 million as at the end of December 2024 coming from approximately GH? 69million recorded in December 2023 representing a satisfactory growth of 65.45% This is as a result of critical steps taken by the Board of Directors to strengthen the bank’s balance sheet.

In spite this significant progress particularly in deposit mobilisation, management and staff of the Bank have been encouraged to put in more effort since the path of business progress is now fertile and there is still more to achieve.

Shareholders have also been urged to continue purchasing additional shares in a bid to grow the stated capital which stood at a little over GH? 2million as at the end of 2024 year under review.

However, the Board of directors could not recommend the payment of dividends 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 31^st Annual General Meeting of Shareholders held last Friday at the Church of Pentecost auditorium at Foase in Ashanti.

Operational Environment

According to him, in 2024, Ghana’s GDP growth surpassed expectations at 5.7%, up from 3.1% in 2023, driven mainly by the industry sector, especially mining and construction, and supported by moderate
gains in agriculture and services.

The banking sector remained stable despite a rise in non-performing loans. The Bank of Ghana lowered its monetary policy rate slightly from 29% to 27%, with interest rates on short term investments decreasing, although demand for short-term government securities remained strong due to limited safe investment options.

In spite of the economic headwinds in 2024, the Bank stayed focused on sustainable growth and
profitability, which was guided by sound risk management, strong governance, and a clear
strategic direction. This led to the Bank recording consistent year-over-year growth across
some key financial metrics in 2024 as shown in the table.

ITEMS	GH?’ Million   2024	GH?’ Million   2023	Growth %
Deposit	114,327,943	69,101,466	65.45
Investment	54,085358	22574322	139.59
Loans & Advances	27,478,843	26,192,894	4.91
Share Capital	2,093,575	1,738,779	20.40
Total Assets	112,702,313	6,6445,275	69.62
Profit for the Year	1,492924	1002507	48.92
Net Worth	-3,118,546	-4,683,804	33.42

 

Sustained Profit Position

As of 31st August 2025, the Bank had recorded a profit before tax of approximately GH?4.3million reflecting a significant improvement over the same period last year. This positive performance underscores the effectiveness of the strategies implemented by the Board and Management.

Future Outlook

Looking into the future,  the newly appointed CEO of the Bank,  Ernest Gyau who was introduced by the Board Chairman to the shareholders  at the AGM in an interview with Business & Financial Times emphasized that he and his team remain committed to sustaining this momentum through continued operational efficiency and prudent management, with the goal of exceeding the Bank’s  full-year budget expectations by 31st December 2025.

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