Nzema Manle Rural Bank posts impressive operational performance

• posts 511% growth in profit before tax
• shareholders get 5.34% returns on GH?0.01p share price

By Seth KRAMPAH, Aiyinase

The Nzema Manle Rural Bank PLC at Aiyinase in the Ellembelle District of the Western Region has posted an impressive performance in all of its financial indicators for the year 2024 under review, recording a remarkable 511% profit after tax.

The bank recorded a pre-tax profit of approximately GH¢7million – representing 511% growth in the 2024 year under review as against a little over GH¢1.7 million recorded  in 2023.

Dividend Payment

The Board of Directors has proposed a total Dividend payment of GH¢900,400.00. This translates to a dividend-per-share of GH¢0.0534p which gives a return on a dividend of 5.34% on the Bank’s previous Share Price (as of 2023) of GH¢ 0.01p which the regulator has given its exceptional approval to pay the proposed dividend to shareholders.

It is the hope of the Board of Directors that the Bank’s performance will continue to improve and move towards such a positive direction to enable the continuous payment of Dividend in the years ahead.

Total Assets of the bank during the 2024 year under review stood at little over GH¢175.7million compared to approximately GH¢93.4 million recorded in 2023, representing 88% growth.

Chairman of Board of Directors, Ing. Philip Kwaw announced these and more at the bank’s 42^nd Annual General Meeting (AGM) of shareholders held recently.

Operational Environment

According to him, the Ghanaian economy in 2024 experienced a mixed recovery from global shocks and domestic fiscal pressures. Inflation saw some moderation, and GDP growth improved marginally due to increased activities in the agricultural and extractive sectors. The Bank of Ghana maintained a tight monetary policy stance, with efforts focused on stabilizing the cedi and controlling inflation.

While macroeconomic conditions remain challenging, the rural banking sector remained resilient. The Board Chairman is however confident that with ongoing fiscal reforms and prudent monetary policies, the economy will stabilize further, presenting opportunities for growth, particularly in rural financial services.

The year witnessed persistently high treasury bill rates, reflecting the government’s strategy to mop up excess liquidity and manage inflation. While these high rates offered short-term investment benefits, they also made borrowing expensive for the Bank’s customers.

The bank adopted a cautious but strategic approach to investing in government securities while maintaining a balance between profitability and supporting SME lending investment income.

The Board has decided to strengthen the Credit and Marketing activities of the Bank in its quest to grant more loans to sustain income levels.

In spite of the challenging macroeconomic environment coupled with the high inflationary rate that pertained during the reviewed year, the bank managed to pull an unprecedented remarkable operational performance in all key financial indicators as shown in the table.

No.	Result Area	2023	2024	% Change
1	Cash & Short -Term Funds	22,949,436	33,251,271	45
2	Investments	42,773,796	106,782,526	150
3	Advances (Net)	20,235,963	24,168,985	19
4	PPE (Net)	2,545,605	3,081,092	21
5	Other Assets	4,091,824	7,359,553	80
6	Total Deposits	80,972,835	159,084,928	96
7	Total Income	17,981,114	27,274,734	52
8	Total Expenditure	16,234,749	20,575,338	27
9	Profit Before Tax	1,746,366	6,699,396	284
10	Profit After Tax	548,039	3,350,928	511
11	Paid-Up Capital	1,417,848	1,529,183	8
12	Shareholders’ Fund	5,847,183	9,282,220	59
13	Total Assets	93,395,988	175,793,704	88
14	Capital Adequacy Ratio	11.97	14.68	23

 

Corporate Social Responsibility

The Bank’s commitment to the communities they serve remains key and essential to its core operations. In 2024, Nzema Manle Rural Bank PLC undertook a number of impactful CSR initiatives across various sectors including education, health, security, and agriculture.

These included construction of a ten-seater water closet toilet facility for Hassaniya Islamic Basic School at a cost of GH¢101,687.00 to enhance sanitation and hygiene for improved learning conditions. The project was completed and commissioned in May 2025 among other several other community-based interventions within the Bank’s operational territories. In total, the bank invested GH¢ 126,134.00 in Corporate Social Responsibility programs in 2024.

These initiatives reflect the Bank’s long-standing belief that the success of the bank is intrinsically linked to the well-being of the communities the Bank serves.

Regulatory Commendation & Advice

The Regional Manager of ARB Apex Bank, Eric Okyere, who delivered an address on behalf of the Managing Director, Alex Kwasi Awuah commended the Bank for its consistent commitment to excellence, innovation, and community development, highlighting notable achievements in deposit mobilization, loan administration, corporate social responsibility, and digital transformation. He emphasized that these accomplishments reflect the resilience and service values that define the rural banking sector.

He encouraged all shareholders and stakeholders to remain united in supporting the Bank’s strategic direction, noting that with discipline and innovation, Nzema Manle Rural Bank will continue to deliver value to customers, shareholders, and the wider community.

Outlook

The Chief Executive Officer of the Bank, Thomas Quayson, in an interview with the Business & Financial Times said the Bank would continue to put in pragmatic measures to ensure positive growth and achievement of the Strategic Plan of the Bank.

He stressed that the Bank would intensify loan recovery, embark on intensive deposit mobilization, strengthen internal controls and maintain quality assets to increase profitability.

He hinted that in a rapidly evolving digital environment, the bank will continued to invest in ICT to improve operational efficiency, customer experience, and service delivery upgrading the core banking system to ensure speed and security enhancing the Bank’s mobile banking and USSD services as well as introducing quarterly ICT training for staff to build internal capacity. These initiatives according to the CEO are critical to positioning Nzema Manle Rural Bank as a modern, forward-looking financial institution.

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