Atwima Rural Bank PLC’s financial performance has pleased ARB APEX Bank.

The financial performance of Atwima Rural Bank PLC for 2023 has been praised by ARB APEX Bank officials.

The bank recorded deposits of GH₵ 69,101,466 in 2023, as opposed to GH₵ 53,005,772 in 2022, according to the financial report for the year. In 2023, earnings from investments climbed to GH₵ 22,574,322 from GH₵ 17,450,157 in 2022. While share capital increased from GH₵ 1,723,669 to GH₵ 1,738,779, loans and advances increased to GH₵ 26,192,894 from GH₵ 18,214,169 in 2022.

In 2023, total assets were GH₵ 66,445,275, up from GH₵ 49,279,785 in 2022. GH₵ 1,002,507 was the year-end profit, which was higher than GH₵ 818,545 the year before. Furthermore, net worth increased from GH₵ -5,065,770 to GH₵ -4,683,804.

The bank’s performance as of September 30, 2024, demonstrated a profit before tax and impairment of more than GH₵ 1.6 million, which was a notable improvement over the same time last year.

Leonard N. Maasang, speaking during the 30th Annual General Meeting of ARB APEX Bank in Atwima Kwanwoma District on behalf of the Managing Director, commended the success of Atwima Rural Bank.

“The profit before tax increased by 41.5 percent from GH₵ 797,734 in 2022 to GH₵ 1.12 million in 2023, which we are happy about. This indicates unequivocally that the bank is headed towards recovery.

Additionally, we are pleased to report that loans and advances grew by 43.80%, from GH₵ 18.21 million in 2022 to GH₵ 26.19 million in 2023. This illustrates the management’s and board’s dedication to giving credit to the communities we serve. It emphasises how crucial it is that rural and community banks (RCBs) consistently come up with workable plans for granting credit.

A 34.83 percent increase in total assets from GH₵ 49.28 million in 2022 to GH₵ 66.44 million in 2023, Maasang added, “is a direct result of effective policies implemented by the board and management.” Customers’ faith and confidence in RCBs is demonstrated by this growth, which reaffirms their position as important contributors to regional economic growth. Additionally, it shows how well RCBs draw in and hold onto consumers, which is essential to their long-term viability.

“The institution is focused on growing income in a strong, safe, and responsible manner while maintaining cost and capital discipline,” said Board Chairman Eric Appiah in his report to the meeting.