The Capital Rural Bank at Abesim, near Sunyani in the Bono Region, has made satisfactory strides toward growth, despite challenges under the 2021 financial year performance review.
The operational challenges were largely occasioned by externalities such as the repercussion of the financial sector clean-up and the impact of the COVID-19 pandemic that affected the bank’s growth in the face of financial performance metrics.
The Chairperson of the Bank, Madam Patricia Peprah-Agyemang, announced these developments during the 17th Annual General Meeting of shareholders held at Abesim.
According to her, the Bank posted a significant 169 percent increase in profit before tax as it soared from a loss of GH¢987,765 in 2020 to GH¢681,991 in 2021.
As the major driver of the bank’s income, the loans portfolios performed well, closing the 2021 financial year with a total of GH¢14.07 million, showing an impressive 42.24 percent more over the previous year’s figure of GH¢9.89 million.
Madam Peprah Agyemang said that the achievement of the Bank was premised on the relative growth and development of the macroeconomic environment in 2021, adding: “There is still a considerable distance to go to give the Ghanaian economy a clean bill of health.”
She said after meeting all the liabilities, the Bank’s residual value as at the end of 2021 amounted to GH¢1.98 million. “The figure shows that the shareholders’ fund grew by 20.90 percent from the previous year’s figure of GH¢1.64 million,” she added.
The Chief Executive Officer of the Bank, Mr. Godfred Acheampong Larbi, urged Ghanaians to adopt the habit of saving.
He said the Bank was currently pursuing programmes that would bring an expansion of its operations, and also focus on improving its existing products and services to meet the needs of customers, as well as make them attractive to prospective customers.
He added that the deposit mobilisation drive would continue to be supported to consolidate the impressive records achieved in the last two years.
