By Juliet Aguiar DUGBARTEY, Apowa
Ahantaman Rural Bank PLC has recorded an exceptional financial performance for the year ended 2024, prompting increased investor confidence and share purchases.
At the bank’s 37th Annual General Meeting (AGM) held at Apowa in the Ahanta West municipality of Western Region, Board Chairperson Madam Elizabeth Obeng announced a significant surge across all key financial indicators, underscoring the institution’s strong position in Ghana’s rural banking sector.
Profit Before Tax rose sharply from GH¢7,006,195 in 2023 to GH¢20,500,631 in 2024, representing a 192.61% increase. Profit After Tax followed suit, climbing from GH¢4,443,446 in 2023 to GH¢14,024,102 in 2024 – a jump of 215.61%.
The bank’s Total Assets increased from GH¢269,126,368 in 2023 to GH¢430,559,105 in 2024, marking a 59.99% rise. Deposits also saw notable growth, reaching GH¢367,253,780 in 2024 – up from GH¢236,095,344 in 2023, an increase of 55.55%.
Total income surged by 76.32%, rising from GH¢60,001,892 in 2023 to GH¢105,797,285 in 2024.
Highlighting the bank’s commitment to social impact, Madam Obeng revealed that GH¢1,274,072 was invested in Corporate Social Responsibility initiatives. These covered sectors such as healthcare, education, agriculture, security services and traditional leadership.
“Also, renovation of the Assembly Hall at Baidoo Bonsoe Senior High Technical School – a landmark project commemorating our 40th anniversary – is nearing completion and will soon be handed over,” she said.
Ahantaman Rural Bank PLC also received several awards in recognition of its outstanding performance.
These include the Best Rural and Community Bank (RCB) in Corporate Social Responsibility at the 5th Rural Banking Excellence Awards; first runner-up in Loan Disbursement; and a leadership award for CEO Benjamin Eshun, who was named Most Outstanding CEO in Rural Banking at the second Corporate Leadership Excellence Awards.
“We remain committed to applying sound strategies, prudent financial management and the continuous improvement of our ICT platforms to deliver quality services and ensure sustained customer loyalty,” Madam Obeng added.
Nana Alex Awuah, Managing Director-ARB Apex Bank, commended the bank for its achievements in deposit mobilisation, asset growth and profitability, noting that Ahantaman PLC exemplifies the positive trajectory of Ghana’s rural banking sector.
“Rural banking in Ghana continues to impact lives positively and we at Apex Bank will maintain our support for rural banks to ensure continued growth,” Mr. Awuah stated.
Solomon Amankwah, President-Association of Rural Banks, also lauded the bank’s strong financial showing and leadership, encouraging management to maintain high standards in customer service and relationship management.
“Your performance is a beacon of inspiration and should serve as a benchmark for other RCBs,” he said.
Municipal Chief Executive of Ahanta West, Ebenezer Aidoo, echoed the commendations and urged shareholders to increase their equity contributions and support the bank’s expansion.
The Board recommended a dividend of GH¢0.08 per share, totalling GH¢3,130,261 – equivalent to 22.32% of the profit after tax.
