Asokore Mampong Rural Bank posts strong growth in 2024

Asokore Mampong Rural Bank PLC has posted a strong financial performance for the 2024 financial year, recording substantial growth across all major indicators.

The announcement was made by the Vice Chairman of the Board, Sefa Dankwa, during the Bank’s fourth Annual General Meeting held at Asokore Mampong in the Asokore Mampong Municipality.

Addressing shareholders, traditional authorities, and invited guests, Mr Dankwa described the 2024 performance as remarkable, noting that the Bank achieved significant gains in assets, deposits, and investments despite the economic uncertainties associated with the national elections.

The Bank’s total assets increased by 65 per cent, rising from GH¢30.75 million in 2023 to GH¢50.78 million in 2024. Deposits grew by 58 per cent to GH¢44.34 million, up from GH¢28.03 million the previous year. Investments also recorded strong growth, climbing by 63 per cent from GH¢15.95 million in 2023 to GH¢26.06 million in 2024.

Mr Dankwa explained that due to the uncertainties typical of an election year, the Bank adopted a cautious lending approach, leading to a seven per cent decline in its loan portfolio. He assured shareholders that with a more stable outlook expected in 2025, the Bank would scale up lending to micro, small, and medium-scale enterprises.

The Bank’s profit before tax saw an impressive 157 per cent increase, reaching GH¢1.62 million, up from GH¢0.63 million in 2023. Shareholders’ funds also rose by 85 per cent, from GH¢1.86 million to GH¢3.45 million in 2024.

On governance, the Vice Chairman announced that the Board had engaged Lawyer Phyllis Irene Nortey to strengthen its governance structures, with her credentials currently before the Bank of Ghana for approval.

In line with the Companies Act 2019 (Act 992), the tenure of the Bank’s external auditors, Amoako Boateng and Associates, concluded at the AGM. The Board expressed appreciation for their service and proposed Softwind Consults as their replacement, subject to approval by shareholders and the Bank of Ghana.

Mr Dankwa celebrated a major institutional milestone, announcing that the Bank had won the “Best in Rural Banking” award at the Ashanti Business Merit Awards on 18 July 2025 at the Lancaster Hotel in Kumasi.

He said the Bank’s mid-year performance for 2025 shows strong momentum. As of June 2025, total deposits stood at GH¢50.97 million, representing a 15 per cent rise over the 2024 closing figure. Loans and advances grew by 14.21 per cent to GH¢11.01 million, while profit before tax reached GH¢1.633 million, surpassing the total profit recorded for the whole of 2024.

Although falling treasury bill rates have affected income across the financial sector, Mr Dankwa said prudent expenditure management and new income-generation strategies have kept the Bank on a profitable trajectory.

On the back of the successful performance of its Suame-Maakro branch, opened under a 2023 licence, the Board has resolved to open a fourth branch at Adum, the central business district of Kumasi. A request for regulatory approval has already been submitted to the Bank of Ghana.

Mr Dankwa appealed to shareholders, local businesses, and institutions to acquire more shares to support the Bank’s long-term expansion agenda. He reaffirmed the Board’s commitment to protecting and advancing the legacy built under Board Chairman Nana Boakye Ansah Debrah.

The Bank also reiterated its dedication to community development, disclosing that GH¢46,489 had been invested in corporate social responsibility initiatives between 2020 and 2024 to support social and economic programmes in the Asokore Mampong municipality.