Amansie rural bank PLC posts over 200% profit growth in 2024, pays dividends for 2 years

Amansie Rural Bank PLC posted a strong financial performance for the year 2024, obtaining a profit before tax of GH¢36 million.

This represents a 208 per cent growth, as compared to the GH¢11.7 million obtained in 2023.

Management of the bank attributes the impressive profit return to improved incomes generated from credits and investment operations, coupled with curtailed recurrent expenditures on the part of the Bank’s management and board.

The total assets of Amansie Rural Bank grew by 98.92 per cent, increasing from GH¢382.9million in 2023 to GH¢761.7 million in 2024.

Customer deposits also increased by 106.56 per cent, rising from GH¢332.9 million in 2023 to GH¢687.8million in 2024.

Similarly, shareholders’ funds increased by 93.99 per cent from GH¢28.7 million in 2023 to GH¢55.7 million in 2024, as investments also rose up by 154.96 per cent, increasing from GH¢214.45 million in 2023 to GH¢546.7 million in 2024.

The bank’s share capital increased by 45.81 per cent from GH¢4.49million in 2023 to GH¢6.55million. Loans and advances also grew by 11.27 per cent, increasing from GH¢92.18million in 2023 to GH¢102.57 million.

Board Chair, Ben Kwakye-Adeefe, highlighted the impressive achievements of the bank in the year under review during the bank’s 40th annual general meeting (AGM) in Antoakrom in the Amansie West District of the Ashanti region.

Dividends

The Amansie Rural Bank has obtained prior approval from the Bank of Ghana to pay dividends to the shareholders for the financial year for two successive years.

The bank will make payment of total dividends of GH¢3.37Million; representing GH¢0.075 dividend per share with a total qualifying shares of 45million as at November 30, 2024.

It represents a 50% increase in dividend per share over the 2023 dividend pay-out.

“It is partly due to your sacrifices, patience and support offered by the shareholders during the past years to enable the board and management to use retained profits from those years to develop the bank for future gains,” said the Board Chair.

On corporate social responsibility, Mr Kwakye-Adeefe said the bank spent a total of GH¢1.05million in 2024, representing 151 per cent increase over the previous year, to undertake several projects including the completion of the Amansie Community Centre in Antoakrom.

Admirable resilience and innovation

Managing Director of the ARB Apex Bank PLC, Alex Awuah, in a speech read on his behalf, said the Amansie Bank demonstrated admirable resilience, innovation and financial discipline despite the economic uncertainties and prevailing challenges on the financial sector.

He noted that the bank’s performance in the year under review was not just numbers but a reflection of prudent management, growing customer confidence and a strong governance that is steadily driving the bank towards long-term sustainability.

Mr. Awuah commended the Board of Directors for providing strategic leadership and management for their operational efficiency and integrity.

“Your performance is not only a source of pride for your shareholders but also an encouragement to the entire rural banking sector,” he said.

The people and local traditional council led by the Chief of Antoakrom, Nana Okyere Darko Ampem II, lauded the bank for its contribution to the growth of the local economy in the area and other interventions by the bank geared towards the growth of communities within its catchment areas.

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