By Elizabeth PUNSU, Wioso
The Ahafo Ano Premier Rural Bank PLC at Mankranso – Wioso, in the Ashanti Region, has recorded another impressive operational performance in all financial indicators for the 2023 year under review.
Operational Performance
The Bank has recorded a profit after tax of GH¢935,493 as against GH¢526,547 in the previous year, representing an impressive growth of 78%.
Additionally, the bank’s Paid-Up capital continues to grow as it saw a marginal growth from approximately GH¢1.7million in 2022 to a little over GH¢1.8 million in 2023 representing 8%.
An increase of about 34% was recorded in the Bank’s deposits from over GH¢77 million in 2022 to approximately GH¢103.3 million in 2023 year under review. This increase was mainly due to improved service delivery, more marketing in operational territories of the bank, which resulted in rising confidence in the bank.
Investment in Treasury Bills/Bonds and other short-term instruments stood at GH¢46.9 million in 2023 as against GH¢40.4million in 2022 registering an increase of 16%
With all of the strategies put in place by the board and management, the net worth of the bank which represents the total shareholders’ funds of the Bank for the year under review saw an increase in reserves from the year 2022 figure of about GH₵3.3 million to a little over GH₵4.2 million in 2023, representing an increase of 28%.
Loans and Advances
Overall credit position of the Bank was GH¢32.4 million in 2023 as against GH¢17.1 million in 2022 representing a significant increase of 89 % as the bank continued to support its customers and the economy responsibly.
The Chairman for the Board of Directors, Alfred Richmond Kwadwo Frimpong, announced these and more at the Bank’s 29th Annual General Meeting of Shareholders held last Friday at the St Peters Catholic Church at Wioso.
Operational Environment
According to him, the Ghana Cedi depreciated against all the major currencies. Even though the general economy witnessed a completion of Domestic Debt Exchange Programme (DDEP), performance of the banking sector was encouraging with growth in revenue, assets and other Key indicators. The Bank’s performance for year 2023 was promising, as shown in the table.
Performance indicators from 2022 / 2023
| ITEM | 2023 | 2022 | % CHANGE OVER 2021 |
| Deposit | 103,348,272.00 | 77,009,229.00 | 34% |
| Investments | 46,912,488.00 | 40,406,717.00 | 16% |
| Loans & Advances | 32,409,259.00 | 17,127,583.00 | 89% |
| Stated Capital | 1,866,699.00 | 1,732,819.00 | 8% |
| Net Worth | 4,235,906.00 | 3,260,082 | 28% |
| Total Assets | 111,617,070 | 85,535,149.00 | 31% |
| Net Profit | 935,493.00 | 526,547.00 | 78% |
Corporate Social Responsibility
The Bank made contributions to communities, and institutions within its catchment areas during the year under review, and an amount of GH₵ GH₵97,290.00 was spent by way of social responsibility in the areas of education, health as well as some government institutions.
Future Outlook
The CEO of Bank Ernest Dankwah in an interview with Business & Financial Times said Management would continue to seek ways of strengthening and developing the Banks’ operations to maintain the confidence that customers and shareholders have started building in the Bank.
The Bank’s business model according to him is still tailored for the Micro Small and Medium Enterprises and would push for more market penetration as they develop new and innovative products and trusted relationships with clients of the bank.
The CEO stressed that the Bank would develop the human capital to meet demands of functioning profitability as well as achieving the objective of overcoming the shocks of the unfriendly macro economy and rising cost of living as well as its devastating effects.
