Atwima Kwanwoma Rural Bank Limited (AKRB) having penetrated the rural banking market and curved a niche through prudent management and efficiency is exploring innovation and versatility to improve upon its already enviable market share in the rural banking industry.
The Bank, established on 6th September, 1983 with its Head Office at Pakyi No. 2 off the Kumasi Obuasi Road has over the years positioned itself as a leader in the Rural and Community Banking industry.
The bank is currently operating ten branches and has plans for further expansion within the financial year. It is described as the best performing rural bank in Ghana. This can be attributed to a host of factors such as operational efficiency, prudent management, selfless and competent staff and good corporate governance among others.
The bank’s financial performance has been phenomenal over the years and 2021 financial year was no exception. It defied all odds including the negative effects of the COVID -19 on the bank’s operations to post the following impressive figures within the year under review:
- Total assets as at the end of the financial year 2021 stood at GH¢299,168,996.52 while that of 2020 was GH¢254,774,928.00 showing an increase of 17.43%.
- Total deposit also grew from GH¢205,389,992.30 in 2020 to GH¢245,714,210.14 in 2021 representing a growth rate of 19.64%.
- Loans and overdraft also saw a growth rate of 15.13% from GH¢40,257,485.36 in 2020 to GH¢46,346,052.92 in 2021.
- Shareholder’s Fund recorded as at the close of 2021 was GH¢48,672,271.92 while 2020 recorded GH¢46,003,572.98 at an increasing rate of 5.81%.
- The bank recorded a 56.45% increase in profit before tax from GH¢8,963,079.27 in 2020 to GH¢14,022,342.63 in 2021.
| KEY PERFORMANCE INDICATOR | 2021 | 2020 | % CHANGE
|
| TOTAL ASSETS | 299,168,996.52 | 254,774,928.00 | 17.43 |
| DEPOSIT | 245,714,210.14 | 205,389,992.30 | 19.4 |
| LOAN AND OVERDRAFT | 46,346,052.92 | 40,257,485.36 | 15.13 |
| SHAREHOLDERS FUND | 48,672,271.92 | 46,003,572.98 | 5.81 |
| PROFIT BEFORE TAX | 14,022,342.63 | 8,963,079.27 | 56.45 |
These successes chalked could partly be attributed to the continuous emphasis on the bank’s core values which includes:
- Customer Delight
- Integrity
- Efficiency
- Flexibility
- Accountability
- Community Development
- Teamwork
Again, the bank as a regulated institution remains compliant to its regulatory bodies ensuring adherence to new laws and directives by the application of AML/CFT regulations.
AKRB has positioned itself in the hearts of its esteemed customers with tailor made products, latest among them being: the SMS alert, Bancassurance and Mobile Banking App coupled with excellent customer service.
The bank continues to maintain its enviable position in the Ghana Club 100 Ranking membership and has received many prestigious awards conferred by the Chartered Institute of Marketing Ghana (CIMG), Ghana Chamber of Commerce and Industries, Top Brass, in the Ghana Business Awards and the Ashanti Financial Excellence Awards.
Internationally, the bank was adjudged Best enterprise’ in Banking by the International Achievements Forum, 2017 which was hosted by the Europe Business Assembly in the Socrates Awards Ceremony -UK, for the strong position at the national market and in international sector ratings.
Over the years the bank has contributed its quota towards community development by supporting the communities in its catchment areas. This support in the form of Corporate Social Responsibility projects have contributed to the bank being ranked as the second best CSR Company in the 2015 rankings by the Ghana Club 100. In the year 2021, the bank spent GH¢99,243.94 in its CSR activities undertaken. It covered the core areas of the economy in the areas of , health, education, security and other community developmental projects within the bank’s catchment areas.
Products & services
Current Account Overdraft Facility
Fixed Deposit Salary Loan
Susu Savings Church Development Loan
Savings Account Susu Loan
SMS Alert Service SME Loans
Church Development Clearance Loan
Foreign Funds Transfer
AKRB Mobile Banking App (in the trial stage)
AKRB Bankassurance
Core values
- Customer Delight
- Integrity
- Efficiency
- Flexibility
- Accountability
- Community Development
- Teamwork
Covid-19 interventions
With COVID-19 still having a negative impact on the businesses of our cherished customers, the Bank in the year under review, offered tenor extensions and deferment on eligible loans for clients in vulnerable sectors highly impacted by the pandemic particularly Susu loans, SMEs (Loans and Overdrafts) and Clearance loans. Other interventions include application for additional facility with existing security, existing principal loan balance and new loan approved are put together and spread over the new loan term with commitment and insurance fees applied to the new loan facility.
2022 outlook
With the support from the able Board, strong Management Team led by Mr. Samuel Bonsu Sekyere and motivated staff, the growth of the bank is expected to be accelerated in the years ahead. In the quest to exceed customers’ expectations, Management would go any length in making good use of the technological advancement in the country to come out with excellent and preferred products and services to bond our customers and to be able to win new ones.
