Juaben Rural Bank records growth in all operational indicators; makes GH¢3.7m profit

Juaben Rural Bank Limited

The Juaben Rural Bank Limited in the Ejisu-Juaben Municipality of the Ashanti Region has recorded growth in all operational indicators for the 2021 year under review.

The bank recorded a profit before tax of approximately GH¢3.7million in the 2021 reviewed year as against GH¢2.6million in the previous year, representing growth of 44.87%

The bank recorded significant growth in deposits during the year under review, despite a challenging macro-economic environment that affected many businesses during the year. Total deposits grew from about GH¢132million in 2020 to GH¢147.4million, representing 11.72% growth in 2021.

With this remarkable performance, the Board has pledged to continue working with all major internal stakeholders to sustain these remarkable gains which have been very consistent over the years. As the bank introduces more innovation and technology, and improves efficiency and service delivery, the board and management are confident of even greater performance in the years ahead.

Chairman of the Board of Directors, Lawyer Kwabena Asante-Krobea, announced these and more at the bank’s 36th Annual General Meeting of shareholders held in person last Saturday at the Wesley Methodist Church in Juaben.

Operational environment

According to him, developments in the global economy as a result of ravaging by the COVID-19 pandemic had a knock-on effect for the local economy. Inflation trended upward from 10.4 percent in December 2020 to 12.6 percent in December 2021. Interest rates on the money market broadly showed downward trends across the yield curve.

The 91-day Treasury bill rate declined to 12.5 percent in December 2021 from 14.1 percent in 2020, and the 182-day Treasury bill rate fell to 13.2 percent in 2021 from 14.1 percent in 2020.

The Ghana cedi depreciated by 4.1 percent and 3.1 percent against the US dollar and pound Sterling respectively in 2021, compared with 3.9 percent and 7.1 percent depreciation in 2020.

The cedi however appreciated by 3.5 percent against the euro compared to a depreciation rate of 12.1 percent in 2020. The economic overview did not look good. The overall performance of the banking sector in 2021was however encouraging, with sustained growth in assets and deposits alongside improvements in the various financial indicators.

Operational Performance

In spite of the challenging macroeconomic environment coupled with some unprecedented circumstances that pertained during the reviewed year, the bank worked hard to pull yet another remarkable operational performance in all financial indicators during 2021, as indicated in the table below.

Operational performance for the year ending 31st December, 2021

Item Year 2021


Year 2020



Percentage Change

Deposits 147,473,907.00 132,004,247.00 11.72%
Loans and Advances (Gross) 55,090,854.00 45,929,856.00 19.95%
Investments 89,377,251.00 85,320,640.00 4.75%
Total Assets 170,964,956.00 152,957,021.00 11.77%
Stated Capital 3,671,040.00 3,276,267.00 12.05%
Profit before taxation 3,735,490.00 2,578,525.00 44.87%
Profit after taxation 2,459,365.00 1,739,176.00 41.41%

Stated Capital

The bank’s paid-up capital increased from approximately GH¢3.3million as at end of the previous year to a little over GH¢3.67million. The Board Chairman has therefore encouraged shareholders to continue increasing their shareholding with the bank, so that they can together grow it and enjoy the dividends therefrom.


The Bank of Ghana has approved the board’s proposed dividend payment of GH¢0.06 per share amounting to GH¢852,419 for the year ended 31 December, 2021. The Bank of Ghana has issued a ‘no objection’ to the payment of dividend for the 2021 financial year, and the board will require the approval of shareholders to effect payment.

Corporate Social Responsibility

In the 2021 year under review, Juaben Rural Bank  contributed to the development of communities in which the bank operates as part of its corporate social responsibility in the area of health.

The bank constructed an X-ray Department for the Juaben Government Hospital, which was funded by the bank at a total cost of GH¢346,428 as part of its corporate social responsibility. The facility was handed over to the hospital authorities last year under the auspices of Nana Otuo Siriboe II.

This, according to the board chairman, will help improve healthcare delivery at the Juaben Municipal Hospital. He has therefore pleaded with the hospital authorities to take good care of the facility and ensure its consistent maintenance.

In the area of education, the bank continued to support the education of brilliant but needy student wards of shareholders who have gained admission to tertiary institutions. An amount of GH¢20,000 was spent on eleven students who are currently on the scholarship scheme.

Parents of these beneficiaries of the bank’s education support scheme have been further advised to encourage their wards to take their studies seriously, so that the bank will be encouraged to support the education of other brilliant but needy students.

In addition to construction of the X-Ray Department and the scholarship scheme, the bank spent an amount of GH¢85,796 to support other projects.


The bank believes that Technology is a catalyst for improving efficiency and business performance in today’s dynamic banking business, and Juaben Rural Bank  will  continue to invest significantly in modernising and improving its digital capabilities.

The Board Chairman mentioned that the power of digital technology has already transformed the nature of banking, and will keep doing so at an exponential rate.
In view of this, there is a need to stay ahead of the curve and transform the technologies whhich power  operations of the bank so they can deliver the services customers will demand in future.

It is in pursuit of this digital drive that Juaben Rural Bank has invested in the design and roll-out of the JRB Blue Wallet product – which affords customers varied digital banking solution services whereby transactions are done in the comfort of their homes with mobile phones.

In addition, the Ghana Interbank Payment and Settlement Systems (GHIPSS) has launched the GhanaPay platform which is aimed at providing an open application that leverages the network infrastructure of the entire banking industry. The Board Chairman appealed to customers of the bank to take advantage of this platform by registering for the service.

Future Outlook

Directors of the bank are confident that with the continuous execution of its strategies and business priorities, Juaben Rural Bank will continue delivering sustainable returns to shareholders. To further boost the sustainability drive, the Board has initiated steps to open a new agency in Kumasi subject to approval by the Bank of Ghana. The Board is of the view that this new agency will not only help improve the bank‘s deposits and profit, but also help sustain all the gains made as a bank.

Chief Executive Officer of the bank, Augustine Awere Damoah,  in an interview with  Business & Financial Times said the bank’s business focus in 2022 is on driving growth, innovations, efficiency and service as the main pillars in achieving profitability.

He has stressed that the bank will follow stringent cost-reduction policies; strengthen internal control measures and develop the human capital to meet demands of functioning profitability; and also achieve the objective of overcoming shocks from the unfriendly macro-economy and rising cost of living, as well as their devastating effects.

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