Akatsi: The Avenor Rural Bank Plc, headquartered in the Akatsi South Municipality of the Volta Region, has been recognized for its strong performance, securing the 43rd position among 127 rural banks in the 2024 performance review.
According to Ghana News Agency, the Rural and Community Banking (RCB) ranking, featured in the Rural Banking Special report by ARB Apex Bank Plc, rated Avenor Rural Bank as ‘Strong.’ This rating highlights the bank’s progress in financial inclusion, digital transformation, and profitability despite challenging macroeconomic conditions. Mr. Thomas Clarkson Adade, the Bank’s Board Chairman, disclosed these achievements at the Bank’s 42nd Annual General Meeting held at Akatsi College of Education.
In his report, Mr. Adade noted that the RCBs collectively achieved an accumulated profit of GHC874.3 million, with total assets reaching GHC18,513 billion and total deposits rising to GHC16,072 billion by the end of 2024. He highlighted the bank’s significant growth in key performance indicators, with total income for 2024 standing at GHC11,894,274, a 26.77% increase compared to GHC 9,382,275 in 2023. This growth was primarily driven by the bank’s investment and loan portfolios.
The bank also saw a 41.06% rise in total expenses, totaling GHC 9,173,062 in 2024 compared to GHC 6,502,990 in the previous year. Mr. Adade attributed this increase to higher staff wages and salaries, additional staffing, and inflation, which affected cedi performance. Consequently, the bank faced increased vehicle maintenance and running expenses, as well as higher costs for equipment and logistics, despite adopting prudent cost-cutting measures.
Mr. Adade emphasized the bank’s commitment to giving back to society through its Corporate Social Responsibility initiatives, which aim to enhance the welfare of institutions and communities within their operational areas. The bank plans to focus on strategic areas, including providing essential operational tools, staff training and development, and launching competitive new products to meet customer needs. Additionally, efforts are underway to upgrade the Bank’s Sogakope agency to a full branch.
Looking ahead, Mr. Adade expressed optimism that the ongoing construction of the bank’s new head office would be completed by the end of 2026.
In a speech read on behalf of Mr. Alex Kwasi Awuah, the Managing Director of ARB Apex Bank Plc, commendations were extended to the bank for its achievements. The bank’s community development initiatives, which amounted to GHC35,750, were praised for enhancing the bank’s corporate image and demonstrating its commitment to supporting local communities.
The Akatsi South Municipal Chief Executive, Mr. Daniel Dagba, also commended the bank for its role in supporting local programs and events, such as Farmers’ Day and World AIDS Day, emphasizing the importance of rural banking in combating poverty.
The meeting featured goodwill messages from sister rural banks and key stakeholders, highlighting the strong community and industry support for Avenor Rural Bank’s ongoing efforts and initiatives.
