Nsoatreman Rural Bank holds 33rd annual general meeting

Kofi Agyeman, Board Chairman Nsoatreman Rural Bank, seated left, and Mrs. Agnes Grimmon-Intsiful, CEO, on the right

Nsoatreman Rural Bank PLC at Nsoatre, Bono Region, has posted modest growth in all financial performance indicators during the 2022-year review.

In spite of its operational challenges stemming from an unfavourable macroeconomic environment, such as high inflation, the bank’s total deposits as at December 31, 2022 amounted to approximately GH¢40.60million – showing a 21.80 percent increase over the 2021 figure of GH¢33.33million.

Assets of the bank expanded by 25 percent, increasing from GH¢37.11million in 2021 to GH¢46.57million in the year under review. The bank also increased total loans and advances marginally, from GH¢11.42million to GH¢11.55million.

Board Chairman-Nsoatreman Rural Bank, Kofi Agyeman, disclosed these developments at the 33rd annual general meeting of shareholders held at Nsoatre near Sunyani. He said government’s Domestic Debt Exchange programme adversely affected the bank’s growth rate and profit.

1n 2022, the bank made short-term investments to the tune of GH¢22.49million; representing a 31.90 percent variance over the previous year’s investment of GH¢17.05million. “The future is brighter for the bank and depositors. It is likely to reap abundantly in the form of returns,” Mr. Agyeman assured.

During the period under review, the bank posted profit before tax of GH¢615,405. This achievement was slightly higher than the 2021 profit of GH¢605,206. According to the Board Chairman, the bank’s marginal profit growth was because of non-performing assets impairment, resulting from “harsh economic conditions”.

Despite posting profit, the bank could not propose dividend for shareholders. “In line with the Bank of Ghana directive on non-payment of dividend, the Board does not recommend payment of dividend for the year under review,” he explained.

Meanwhile, the share capital of Nsoatreman Rural Bank increased by 15.27 percent from GH¢1,525,980 to GH¢1,759,00.

Mr. Agyeman expressed appreciation to all stakeholders, especially Board members, shareholders, management and staff for their diverse contributions to the bank’s growth and development, adding: “I shall forever remember the loyalty, sacrifice, dedication and high sense of duty of management and staff.”

The Chief Executive Officer of Nsoatreman Rural Bank, Mrs. Agnes Grimmon-Intsiful, in an interview revealed that the bank will adopt a vigorous mobilisation drive, targetting rural folk in ‘unbanked communities’ within its operational area. This move, she indicated, is aimed at mobilising more deposits to support micro and small businesses for economic growth.

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