Ankobra West Rural Bank PLC (AWRB) has posted impressive financial performance for the 2024 financial year, with significant gains across major benchmarks, culminating in a 66.67 percent increase in dividend payout to shareholders.
The bank’s profit after tax stands at GHC4,409813.00 in 2024 as compared to GHC1,038,963.00 in 2023. Profit before tax was GHC6,378,668.00 in 2024 as compared to GHC 1,38759.00 in 2023.
“The above shows your bank positive growth. We shall endeavor to retain our glory as the first rural bank in the Western region”, Board Chairman told the 33rd Annual General Meeting (AGM) held at Essiama in the Ellembelle municipality.
Board Chairman, Dr. Frank Boateng, presenting the financial report at the bank’AGM, said the bank had declared dividends of GH¢500,000 up from GH¢300,000 in 2023.
The bank’s investment in government securities surged to GH¢58.5 million compared to
GH¢24.4 million the previous year, representing a growth of 139.75 percent.
Income surplus also improved strongly, while the capital adequacy ratio stood at 24 percent, well above the industry’s minimum requirement of 18 percent, underscoring the bank’s resilience.
Dr. Boateng said the bank remains committed to supporting its operational communities through corporate social responsibility initiatives, providing assistance to traditional and civil authorities in its catchment areas.
On governance, he noted that despite the strong financial gains, the Board had opted
against increasing directors’ fees in order to build reserves to safeguard the bank against future uncertainties.
The Chairman further disclosed that the tenure of the bank’s auditors, Messrs. A.D. & Associate,had expired after six years, in line with the Companies Act 2019 (Act 992).
He, therefore, requested shareholders approval for the board to appoint new auditors. Ankobra West Rural Bank also chalked notable achievements during the year, receiving four major awards for the first time in its 48-year history.
These include Rural Bank of the Year at the Ghana Accounting & Finance Awards, Rural Bank of the Year at the Paa Grant Award for Business Excellence, Best in Rural Banking at the Ghana Outstanding Business Achievement Awards and a ranking of 73rd at the prestigious Ghana Club 100 Awards.
Dr. Boateng assured shareholders that the bank remained focus on sustaining profitability,
strengthening reserves and maintaining its leadership in the rural banking sector.
On his part, the Managing Director of ARB Apex Bank, Alex Kwasi Awuah, remarked that
the AWRB PLC delivered a sterling financial performance in 2024, with profits and deposits
recording unprecedented growth. The Bank’s profit before tax rose sharply to GH¢6.38 million, representing a 360% increase
compared to 2023. Profit after tax also climbed more than fourfold to GH¢4.41 million.
Deposits nearly doubled, moving from GH¢39.3 million in 2023 to GH¢77.7 million in 2024,
while total assets surged to GH¢94.05 million.
“These figures confirm that Ankobra West Rural Bank is not only recovering from the shocks of the Domestic Debt Exchange Programme, but is positioning itself as a strong force in the rural
banking subsector,” Mr. Awuah said, in a speech delivered on his behalf by the Western Regional Manager of ARB Apex Bank, Mr. Eric O.K. Yere.
The Bank also reported a strong capital adequacy ratio of 24%, more than double the regulatory minimum of 10%, and maintained a low non-performing loan ratio of 1.87%. Despite these gains, the Managing Director urged the AWRB to prioritize agility in a fast-evolving financial landscape.
He highlighted the need to accelerate digital banking adoption, pursue product innovation for SMEs, farmers, women, and youth, and maintain robust risk management practices.
With operating expenses growing by 61% in 2024, prompting calls for efficiency measures.
On sustainability, he commended AWRB for adopting Environmental, Social and Governance
(ESG) principles, stressing the need to deepen financial inclusion in unbanked communities,
support women and youth enterprises and scale up paperless banking and green finance
initiatives. “Ankobra West Rural Bank has achieved enviable growth, but the journey ahead calls for greater agility, sharper profitability strategies and a stronger commitment to sustainability,” he , concluded assuring the Bank of ARB Apex’s technical support and training.
