ARB APEX Bank happy with financial performance of Atwima Rural Bank PLC

Officials of ARB APEX Bank have expressed satisfaction with the financial performance of Atwima Rural Bank PLC for the year 2023.

According to the bank's financial report for the year, it recorded deposits totaling GH₵ 69,101,466 in 2023, compared to GH₵ 53,005,772 in 2022. Earnings from investments increased to GH₵ 22,574,322 in 2023, up from GH₵ 17,450,157 the previous year. Loans and advances rose to GH₵ 26,192,894, compared to GH₵ 18,214,169 in 2022, while share capital grew to GH₵ 1,738,779 from GH₵ 1,723,669.

Total assets increased to GH₵ 66,445,275 in 2023, compared to GH₵ 49,279,785 in 2022. The profit for the year was recorded at GH₵ 1,002,507, up from GH₵ 818,545 the previous year. Additionally, net worth improved to GH₵ -4,683,804 from GH₵ -5,065,770.

As of September 30, 2024, the bank's performance showed a profit before tax and impairment of over GH₵ 1.6 million, marking a significant improvement over the same period last year.

Speaking on behalf of the Managing Director of ARB APEX Bank at the bank's 30th Annual General Meeting in Atwima Kwanwoma District, Leonard N. Maasang praised Atwima Rural Bank's performance.

"We are pleased with the 41.5 percent growth in profit before tax, from GH₵ 797,734 in 2022 to GH₵ 1.12 million in 2023. This is a clear sign that the bank is on the right track to recovery.

"We are also happy with the 43.80 percent growth in loans and advances, which increased from GH₵ 18.21 million in 2022 to GH₵ 26.19 million in 2023. This demonstrates the board and management's commitment to extending credit to the communities we serve. It underscores the importance of rural and community banks (RCBs) continually devising pragmatic strategies for credit delivery."

Maasang further remarked that the growth of Atwima Rural Bank PLC "is a direct result of effective policies implemented by the board and management, as evidenced by the 34.83 percent increase in total assets from GH₵ 49.28 million in 2022 to GH₵ 66.44 million in 2023. This increase reflects the trust and confidence customers have in RCBs, solidifying their role as key players in local economic development. It also demonstrates the effectiveness of RCBs in attracting and retaining customers, which is crucial for their long-term sustainability."

Board Chairman Eric Appiah, in his report at the meeting, stated that the institution is focused on growing income in a strong, safe, and responsible manner while maintaining cost and capital discipline.

"We will achieve this by harnessing our key strengths and leveraging available opportunities to deliver value to our shareholders," he stated.