Abesim: The Capital Rural Bank PLC in the Bono Region has announced a significant financial achievement, with a profit before tax reaching GHC3.36 million in 2024, as stated by Mr. Martin Kobire, the Chief Executive Officer of the bank. This marks a 223.7 percent increase from the GHC1.04 million recorded in the previous year, 2023.
According to Ghana News Agency, Mr. Kobire attributed this remarkable growth to robust revenue strategies and enhanced operational efficiency. He disclosed these details while addressing the bank's 20th Annual General Meeting held at Abesim, near Sunyani. The bank's total operating income saw a substantial rise from GHC8.36 million in 2023 to GHC13.46 million in 2024. Additionally, there was a 57.1 percent increase in net interest income, which escalated from GHC7.38 million to GHC12.04 million during the financial year.
Mr. Kobire emphasized the bank's focus on cost efficiency, noting that operating expenses increased by 34.2 percent, while the cost-to-income ratio also showed improvement. Mrs. Patricia Peprah-Agyemang, the Board Chairperson, acknowledged the bank's thriving state despite economic and operational challenges. She praised the favorable interest rates offered by the government and the bank's adept capital allocation. The bank's total assets in 2024 amounted to GHC68,409,715.00, a 53.79 percent increase from GHC44,483,785.00 in 2023. Total deposits also rose significantly from GHC37,201,598 in 2023 to GHC58,082,563 in 2024.
The bank reported an increase in total loans and advances from GHC17,312,415.00 in 2023 to GHC24,223,767.00 in 2024, while its net profit after tax for 2024 stood at GHS2,220,283.00. Mrs. Peprah-Agyemang highlighted the growth in shareholders' funds, which climbed from GHC4,045,314.00 in 2023 to GHC6,309,153.00, reflecting a 55.96 percent increase. She commended the dedication and innovation of the bank's staff, attributing these results to their hard work.
Mr. Evans Kelvin Gyau, a Board member, announced the proposed dividend of GHC300,000, which has been approved by the central bank. He mentioned plans to establish a fund for community development projects within the bank's operational areas. In 2024, the bank allocated GHC90,310 for community support, up from GHC54,896 in 2023.
