Okomfo Anokye Rural Bank Plc at Wiamoase in the Sekyere South District of Ashanti Region has recorded a remarkable growth in all financial indicators in the 2024 year under review.

The Bank posted a pre-tax profit of a little over GH¢ 15.4 million in the 2024 period under review as against approximately GH¢ 8.5 million in the previous year, representing a remarkable growth of 81.61%.

The significant rise in profit is attributed to improved revenues generated from operations and prudent management of recurrent expenditure both on the part of the Board, Management and the entire Staff.

By this, the Board of Directors has congratulated management and staff for the remarkable about GH¢7million profit growth which translates in absolute terms and have therefore been urged to work assiduously towards increasing the Bank’s profitability to increase shareholders’ investments. Directors of the bank have also been commended for their strategic direction and decisiveness in achieving this remarkable success.

Dividend Payment

The Board of Directors has proposed the payment of a dividend-per-share of GH¢0.0123p which gives a return of 61.5% on the Bank’s current share price of GH¢ 0.002p which the regulator has given its exceptional approval to pay the proposed dividend to shareholders.

It is the hope of the Board of Directors that the Bank’s performance will continue to improve and move towards such a positive direction to enable the continuous payment of dividends in the years ahead.

Stated Capital and Shareholders Funds

In the 2024 year under review, the Bank’s Stated Capital grew by 27.07% from GH¢2,015.259 million in 2023 to a little over GH¢2,560,762 million in 2024. Shareholders’ Funds also increased by 89.81% in 2024 from about GH¢11.4 million in 2023 to approximately GH¢21.6 million. The increase resulted from unprecedented profit achieved and rigorous sales of ordinary shares.

The Bank in spite of the growth in share capital is strategizing to sign up new shareholders, and also have existing shareholders invest more into the Stated Capital of the Bank. This will enable the growth of the Bank to be accelerated and ensure that the Bank is able to expand its operations and enhance its profitability to the benefit of cherished shareholders.

The Chairman of the Board of Directors, Dr Emmanuel Obeng announced these and more at the Bank’s 38th Annual General Meeting of shareholders held last Friday at the church auditorium of Salvation Army Church at Wiamoase in Ashanti.

Operational Environment

According to him, the financial data released by the Bank of Ghana fairly reflect aggregate figures collated from the Universal banks; rural and community banks; microfinance institutions; other special deposit taking institutions under the supervision of BoG; and those supervised by the Securities and Exchange Commission (SEC) during the period under review.

Despite global challenges, the Ghanaian economy demonstrated impressive resilience, exceeding expectations with a growth rate of 5.7% driven by strong performance in the first half of the year. The policy rate increased from 25.5% in 2023 to 27% in 2024. This increased the cost of borrowing in 2024. The inflation rate eased slightly from 24.2% in 2023 to 23.80% at the end of 2024.

The interest on 91-day Government Treasury bills declined from 29.49% to 27.73% in 2024 while the 182-day declined from 31.70% in 2023 to 28.43% in 2024. The 364-day also declined from 32.97% in 2023 to 29.95% in 2024.

The banking sector saw some significant gains. As of December 2024, Ghana’s banking sector exhibited robust growth and resilience, marked by significant increases in total assets and improved profitability. The banking sector total assets expanded by 33.8% reaching GHS367.8 billion by the end of December 2024 up from GH¢274.9 billion in December 2023. This growth was driven by sustained deposit mobilization.

The Return on equity for the banking industry declined from 34.25% in 2023 to 33.04% in 2024. The Capital Adequacy ratio (CAR) for the banking industry stood at 14% in 2024 up from 13.9% in 2023. The credit risk for the industry increased from 20.6% in 2023 to 21.8% in 2024 indicating increasing

In spite of the challenging macroeconomic environment coupled with the high inflationary rate that pertained during the reviewed year, the bank managed to pull yet another impressive operational performance in all key financial indicators supported by enhanced deposit mobilization strategies, prudent cost management and stronger credit risk controls. Revenue streams improved across key business line compared to 2023 as indicated in the table.

Corporate Social Responsibility

The Bank continues to provide support to various state institutions and stakeholders within its catchment areas. Some projects supported within the bank’s catchment areas during the year under review included that of the Local Government, Ghana Education Service (GES), the Ghana Police Service, some government health facilities and support for Farmers’ Day Celebration. For the year 2024, a total of GH¢183,877 was spent on CSR programmes for local communities.

The Board Chairman stressed that the bank is socially responsible and would continue to support projects and engage in environmentally friendly activities in the years ahead. These contributions reflect the Bank’s dedication to community development and its role as a responsible corporate entity.

Commendation / Advice

The Kumasi Manager of ARB Apex Bank, Leonard Maasang who delivered an address on behalf of the Managing Director, Alex Kwasi Awuah, congratulated the shareholders, Board, and Management of the Bank for the impressive performance of the Bank.

He commended the Board of Directors for providing strategic leadership, and Management for their operational efficiency and integrity. He added that the Bank’s 2024 results clearly indicate that Okomfo Anokye Rural Bank is becoming a model of growth through prudence and innovation.

The MD of ARB Apex Bank advised Okomfo Anokye Rural Bank to deepen its adoption of digital tools; including agency banking, mobile banking platforms, and the GhanaPay solutions, to enhance service delivery, expand outreach, and reduce operational costs.

He mentioned that digital transformation is not merely about technology; it is about building convenience and trust. He stressed that ARB Apex Bank continues to invest in shared digital infrastructure for RCBs and urged Okomfo Anokye Rural Bank to leverage these platforms to reach more customers, especially the youth and informal sector workers who increasingly prefer mobile-based services.

He further advised that to elevate profitability and sustainability Okomfo Anokye Rural Bank must first bolster loan portfolio growth and asset quality management.

With loans remaining flat amid rising deposits, channeling liquidity into high-quality, productive lending, especially to agriculture, MSMEs, and underserved segments, while tightening credit monitoring to curb impairments (which rose to GH¢2.93 million) will optimize returns as economic conditions improve.

Outlook

The Chief Executive Officer of the Bank, Paul Kwabena Oduro, in an interview with the Business & Financial Times, said the Bank would continue its good services and develop need-based products for its customers.

He has also affirmed that Okomfo Anokye Rural Bank continues to stand as a pillar of financial resilience and community empowerment. According to him, the Bank’s performance over the past year reflects not only prudent management and operational efficiency, but also the unwavering trust in customers and stakeholders placed in them.

According to him, the 38th Annual General Meeting marks yet another milestone in the Bank’s journey of resilience and innovation.

“Our operational and financial performance this year reflects the dedication of our staff, the trust of our customers, and the unwavering support of our shareholders. We have strengthened our balance sheet, expanded our customer base, and delivered value across our communities. This success is not an end in itself, but a foundation upon which we will build even greater achievements’, he stressed.

Looking ahead, Mr Oduro said management’s priority is to deepen digital transformation and broaden financial inclusion as well as investing in technology that enhances efficiency, reduces transaction costs, and improves customer experience.

He stressed that the credit department of the Bank would continue to design products tailored to the needs of farmers, traders, SMEs, and households, ensuring that the Bank’s growth is inclusive and sustainable.

“By leveraging partnerships and strengthening our risk management framework, we will safeguard profitability while expanding our reach,” he said

“We are committed to positioning Okomfo Anokye Rural Bank as a leader in community‑focused banking. Our strategy emphasises innovation, customer loyalty, and prudent financial stewardship. With the continued support of our stakeholders, we will not only consolidate our gains but also unlock new opportunities for growth. Together, we will ensure that the Bank remains a trusted partner in driving prosperity for individuals, businesses, and the wider economy.