The Board Chairman of Kwahu Praso Rural Bank Limited, Eric Kwakye Darfour, has said that notwithstanding the challenging operating environment it was experienced during the year 2021, Kwahu Praso Rural Bank was able to chalk up a significant performance with a 93.82% increase in profit after tax for the year 2021.
Hon. Kwakye Darfour made this statement when presenting his report to shareholders at the 25th Annual General Meeting (AGM) of the Kwahu Praso Rural Bank Limited last Saturday 27th August, 2022 at Kwahu Praso Presby Church premises, Kwahu Praso.
The bank was able to record a profit after tax of GH₵1,051,378 in 2021 as against the 2020 profit after tax of GH₵542,438 – representing a 93.82% increase. Total Income recorded an increase from GH₵5,065,283 in 2020 to GH₵7,037,300 in 2021, representing a percentage increase of 38.93%. Total Deposits increased from GH₵20,957,985 in 2020 to GH₵23,169,836 in 2021, representing an increase of 29.15%. Total Assets also increased from GH₵24,515,417 to GH₵28,764,532 – a percentage increase of 17.33%.
The Board chairman said the bank’s stated capital stands at GH₵1,050,000 as compared to previous year’s figure of GH₵866,793. He therefore humbly appealed for shareholders to continually purchase more shares to increase their share value and thus insulate the bank from future Bank of Ghana increment in stated capital, as well as capitalising the bank to embark on expansion projects.
On the bank’s future outlook, Mr. Darfour said it will explore other opportunities for sustainable growth with focus on sustaining its status as a strong bank. He added that the bank will grow and expand the beneficiaries of Cocoa and Agric programmes in communities where it operates. The bank will also develop and expand the E-Cash loan products to become its ‘cash cow’. He also mentioned that the bank will develop and deepen ICT infrastructure to drive growth, improve its capitalisation, and enhance employee development and motivation as well as being committed to customer’s service delivery.
Speaking to the media after the AGM, Chief Executive Officer (CEO) of Kwahu Praso Rural Bank Limited, Mrs. Lucy Opoku-Arthur, revealed that in line with the policy to give a portion of profit back to society in the bank’s catchment area, Kwahu Praso Rural Bank donated cash and assorted items to Nkwatia SOS Village; donated a 10,000-litre Polytank to Besease Community; and provided two (2) Boreholes for Kwahu Praso Communities. The bank also contributed toward the orientation programmes for newly trained teachers in various districts in the bank’s catchment areas, and made a significant contribution toward Farmers’ Day celebrations in five (5) Municipalities and Districts Assemblies of the area. During Speech-Days and sports programmes, the bank goes to the aid of the schools in its catchment area.
The CEO also disclosed that under the Board chairmanship of Kwakye Darfour, in 2021 first-quarter of the ARB Apex Bank Performance Rating, Kwahu Praso Rural Bank Limited was still rated first (1st) and a strong bank out of the 144 RCBs.
Delivering a fraternal message at the AGM, Managing Director of ARB Apex Bank, Mr. Alex Kwasi Awuah, congratulated Kwahu Praso Rural Bank Limited for growing Loans and Advances by a handsome 57% from GH₵7.10million in 2020 to GH₵11.13million in 2021, saying: “This demonstrates that you are truly focusing on your core mandate of rural financial intermediation and inclusion in and around Kwahuman”.
President of the Eastern Regional Chapter of the Association of Rural Banks, Mr. Benjamin Tetteh Apo, advised management to invest heavily in training and retraining the staff and Board of directors in modern banking technology and operations, in order for them to offer improved services to the bank’s customers.
He congratulated the bank for putting up a good performance in the year under review, and urged management to keep up the good work in order to increase the bank’s fortunes.
