Ankwaso: The Upper Amenfi Rural Bank PLC, located in Ankwaso within the Amenfi Central District of the Western Region, has reported a profit before tax of GHC25.64 million for 2024. This represents an increase of 153.35 percent compared to the previous year.
According to Ghana News Agency, Mrs. Georgina Lartey, speaking on behalf of the Board Chairman, highlighted the bank’s impressive operational results despite heightened regulatory scrutiny from the Bank of Ghana. Mrs. Lartey shared these insights during the bank’s 35th Annual General Meeting (AGM), which aimed to assess the 2024 performance and strategize for the upcoming year.
Mrs. Lartey praised the bank’s resilience and commitment to delivering value to its shareholders, customers, and stakeholders. She noted a significant growth in the bank’s total assets, which surged by 79.48 percent from GHC373.178 million to GHC669,748,082.59. Deposits saw a 78.38 percent increase, reaching GHC614.68 million, while loans disbursed rose by 9.99 percent. The bank maintained a robust capital adequacy ratio of 27.50 percent, surpassing regulatory requirements and ensuring stability.
Discussing dividends, Mrs. Lartey announced a proposed dividend payout of GHC0.1 per share, approved by the Bank of Ghana, reflecting the bank’s strong financial performance. She also mentioned that the Association of Rural Banks of Ghana honored Upper Amenfi Rural Bank as the First Runner-Up in Deposit Mobilisation Rural Bank in Ghana, recognizing the team’s dedication and customer trust.
In terms of Corporate Social Responsibility, the bank has been proactive, supporting education through scholarships, funding health initiatives, and investing in local infrastructure projects, all aligned with their mission to foster sustainable community development.
Looking ahead, Mrs. Lartey expressed optimism about the bank’s future, aiming to rank among the top five Rural and Community Banks in Ghana. The bank plans to achieve this through digital banking solutions, enhancing customer experience, maintaining strong risk management practices, and supporting economic recovery at the grassroots level.
Mr. Leonard N. Maasang, on behalf of the Managing Director of ARB APEX Bank Limited, congratulated Upper Amenfi Rural Bank for its outstanding performance in 2024, acknowledging it as one of the most profitable Rural and Community Banks in Ghana. He extended gratitude to the shareholders, dedicated staff, and loyal customers for their contributions to the bank’s success.