Toase: The Atwima Mponua Rural Bank PLC recorded an impressive financial performance in the 2024 fiscal year, reflecting significant growth across all key indicators.
According to Ghana News Agency, the bank posted a profit before tax of GHS14.8 million and profit after tax of GHS11.6 million. Total income from all sources rose to GHS43.0 million in 2024, up from GHS24.1 million in 2023.
Mrs. Constance Phyllis Puttick, Board Chairperson of the bank, attributed the strong performance to prudent management decisions, sound corporate governance, and market-driven strategies. She made the remarks at the bank's 41st Annual General Meeting (AGM) held at Toase in the Atwima Nwabiagya South Municipality of the Ashanti Region. She reported that customer deposits more than doubled, increasing from GHS122.1 million in 2023 to GHS255.5 million in 2024-a 109 percent growth, which she said reflects increased customer confidence.
The bank also expanded its investment in government securities, rising from GHS37.5 million in 2023 to GHS97.0 million in 2024. This represents a 158.62 percent increase, with investment in government securities now accounting for 73.37 percent of the bank's total investments.
Mrs. Puttick indicated that the total asset base of the bank reached GHS268.8 million at the end of 2024, compared to GHS157.2 million in 2023-an increase of 71.01 percent. Cash and cash equivalents set aside to meet depositor demands amounted to GHS78.1 million, representing 29.05 percent of total assets.
The bank's paid-up capital stood at GHS1.89 million in 2024, up from GHS1.65 million in 2023, surpassing the Bank of Ghana's minimum capital requirement of GHS1.0 million. This reflects a 14.6 percent increase. She also highlighted growth in net advances to customers, which rose from GHS37.9 million in 2023 to GHS52.4 million in 2024.
Despite the positive performance, the Board of Directors did not recommend the payment of dividends, in line with Section 35 of the Banks and Specialised Deposit-Taking Institutions Act, 2016, which restricts dividend declaration under certain conditions.
Mr. Edward Kwarteng, Chief Executive Officer of the bank, described Ghana's economic outlook as positive, citing the strengthening of the cedi as a key factor. He noted that this stability would further support growth and recovery. He added that the Bank of Ghana had responded to rising market liquidity with dynamic cash reserve requirements and reaffirmed the bank's commitment to expanding its corporate social responsibility initiatives to improve livelihoods within its operational areas.
