Ankobra West Rural Bank posts strong growth in 2024

By Juliet Aguiar DUGBARTEY, Esiama

Ankobra West Rural Bank PLC has recorded strong financial growth in 2024, with significant increases in deposits, profits and assets.

At its 33rd annual general meeting held in Esiama, Ellembelle District, the Board Chairman, Dr. Frank Boateng, reported that deposits almost doubled from GH¢39.3 million in 2023 to GH¢77.7 million in 2024, representing growth of 97.6%.

Profit before tax rose sharply from GH¢1.38 million in 2023 to GH¢6.38 million in 2024, an increase of 360.3%, while profit after tax grew from GH¢1.04 million to GH¢4.41 million, up 324.4%. Total assets also rose by 98.6%, from GH¢47.4 million in 2023 to GH¢94.1 million in 2024.

Shareholders’ funds increased from GH¢3.7 million in 2023 to GH¢8.3 million in 2024, a growth of 125.2%. Dr. Boateng encouraged shareholders to top up their shares and introduce new members to strengthen the bank’s capital base.

On corporate social responsibility, the bank spent GH¢324,491 on traditional authorities, education, health, security and Farmers’ Day celebrations. The Board has proposed a dividend of GH¢500,000 for 2024, up 66.7% from the GH¢300,000 paid in 2023.

Dr. Boateng also highlighted that the bank received four national awards last year, including “Rural Bank of the Year” at both the Ghana Accounting & Finance Awards and the Paa Grant Awards for Business Excellence, and a ranking of 73rd in the Ghana Club 100.

In a message delivered on his behalf, the Managing Director of ARB Apex Bank, Alex Kwasi Awuah, congratulated Ankobra West on its performance but urged it to focus on agility, profitability and sustainability. He advised the bank to channel more funds into quality loans and assets, expand its digital and mobile banking services, and support SMEs, farmers, women entrepreneurs and the youth.

Mr Awuah reaffirmed Apex Bank’s commitment to providing Ankobra West with technical support, training and shared services to help it achieve further growth.

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