Atwima Mponua Rural Bank records growth in all indicators, posts over GH₵11m profit after tax

By Elizabeth PUNSU, Toase

Atwima Mponua Rural Bank PLC in the Atwima Nwabiagya Municipality, Ashanti Region, has posted impressive operational performance in all financial indicators in the year 2024 under review.

The Bank has recorded a significant growth in deposit mobilization posting approximately GH₵ 255.6million as at the end of 2024 coming from GH₵ 156.8 million recorded in December 2023 representing a satisfactory growth of 62.97%.

In spite of this significant progress particularly in deposit mobilisation, Board Chair, Contsance Phyllis Puttick, presenting the chairperson’s report for the 2024 under review at the 41st AGM of shareholders, encouraged management and staff of the Bank to put in more effort to achieve more in the ensuing year.

Operational Performance

Due to adverse impact of the slow recovery of the Domestic Debt Exchange Programme (DDEP), and the loss of significant revenues from investment income, the Board had to address head-on the painful task of clearing the loan book of age-long delinquencies, which had become toxic assets, bloating the numbers, but with no earning capacity in compliance with the Bank of Ghana’s directive.

Additionally, a significant chunk of the Bank’s investment remains locked up with state-owned investment houses with very little sign of immediate recovery. Coupled with a freeze on capital expenditure and payment of dividends to shareholders, these were difficult choices but well intended to set the bank on the path of recovery.

Despite the above challenges, Atwima Mponua Rural Bank PLC achieved a remarkable performance as noted in the table.

According to the Board Chairperson of the Bank, Mrs. Constance Phyllis Puttick, the Bank delivered robust financial results for the year 2024 under rereview, reflecting the prudent decisions made during the year and the resolute commitment to sound corporate governance, sound business practices, and implementation of market driven strategies.

Profitability

As of December 2024, the Bank’s income from all sources totaled GH₵ 43.0 million as against 2023 figure of GH₵ 24.1 million. The expenditure amounted to GH₵ 28.2 million compared to  GH₵29.1 million in 2023. Therefore, the bank reported a remarkable financial performance posting a profit before tax of GH₵ 14.8 million coming from a 2023 loss of 5.0 million and a profit after tax of GH₵ 11.6 million as against a loss of GH₵ 4.8 million in 2023.

Corporate Social Responsibility

In 2024, Atwima Mponua Rural Bank PLC reaffirmed its commitment to shared value by investing a total amount of GH₵ 61,350 in Corporate Social Responsibility (CSR). This fuelled transformative initiatives in agriculture, social inclusion and education, impacting thousands and driving sustainable progress.

 The new strategic focus

According to the CEO of the Bank, Edward Kwarteng, the new strategic cycle -2026-2030 – which is built on the theme: “Consolidating Operational Performance Growth through fostering Innovation and System Transformation, Resilient, Corporate Governance, Customer-focused, and Human Resources Development: forging ahead for Sustainable Growth”

He emphasized that this new strategic phase would be built on the successful pillars of Human Resource Development and Motivation, Customer experience, Digital transformation and modernization of branches to ensure sustainable growth in the business.

This according to the CEO, would give the Bank a golden opportunity to build on and consolidate the gains from the about-to-end strategy cycle to journey back to be among the dominant players in the RCB industry in the Region.

Regulatory commendation

Meanwhile, the Ashanti Regional Manager of ARB Apex Bank, Leonard N. Maasang, speaking on behalf of the Managing Director, Alex Awuah, commended Atwima Mponua Rural Bank for its exceptional financial performance and unwavering commitment to community development.

He praised the directors, management, and staff of the bank for their collective efforts in achieving this remarkable milestone, noting that the improvement across all key financial indicators offers strong reassurance to shareholders and customers alike.

He highlighted a particularly impressive achievement: a 38.66% increase in loans and advances—from GH₵37.89 million in 2023 to GH₵52.43 million in 2024. This growth, according to Mr. Awuah, reflects the bank’s customer-centric approach and steadfast commitment to rural financial intermediation.

Mr. Awuah further applauded Atwima Mponua Rural Bank, for its consistent dedication to corporate social responsibility (CSR) and urged other Rural and Community Banks (RCBs) to emulate same.

“We urge other RCBs to emulate this exemplary model by investing in transformational community programmes. These efforts will not only enhance public confidence and the bank’s reputation but also contribute significantly to long-term sustainable development,” Mr. Awuah stressed.