…Posting 451.78percent profit increase
Capital Rural Bank PLC, located at Abesim near Sunyani in the Bono Region, has reported outstanding growth across various performance indicators during its 2023 review.
The bank’s standout achievement is a substantial increase in profit before tax, soaring from GH¢128,659 in 2022 to an impressive GH¢709,916 in 2023. This remarkable jump represents a staggering growth rate of 451.78percent within just 12 months.
In addition to its remarkable profit increase, Capital Rural Bank demonstrated impressive performance in deposit mobilization for the year 2023.
The bank reported total deposits reaching approximately GH¢37.20 million, a substantial rise from GH¢28.22 million in the previous year. This growth reflects a notable change of 37.93percent, underscoring the bank’s ability to attract and retain customer deposits.
Building on this deposit growth, the Bank expanded its credit portfolio by 21.65percent, increasing from GH¢14.23 million to GH¢17.31 million. This expansion was pivotal in supporting local businesses and individuals, fostering economic growth within the operational area.
Furthermore, the bank’s total assets also saw a significant appreciation of 37.93percent, climbing from GH¢32.39 million to GH¢44.67 million. Short-term investments for the year under review climbed to GH¢16.42 million, a significant increase from GH¢10.10 million in 2022. This upward trajectory highlights growing confidence in the market and the strategic financial decisions made during the past year.
The blank closed 2023 with a stated capital of GH¢1,103,371, marking a slight rise from the previous year’s figure of GH¢1,038,012. In a remarkable display of growth, shareholders’ funds also surged to GH¢4,045,314, reflecting a staggering 89.52percent increase over the GH¢2,134,492 recorded in 2022.
This success can be attributed to a combination of innovative strategies implemented by the bank and the dedicated efforts of its workforce. As Capital Rural Bank continues to adapt to the evolving financial landscape, its direction points to the potential for further growth within the rural banking sector.
In a milestone gathering at Abesim, Capital Rural Bank celebrated its 20th anniversary during the 19th annual general meeting, where Chairperson of Board of Directors, Mrs. Patricia Peprah-Agyeman highlighted significant achievements while she outlined the institution’s aspirations for future growth. “These results are commendable, no doubt,” Mrs. Peprah-Agyeman stated. “However, we are far from the heights we aim to reach as a bank. We won’t rest on these modest successes; instead, we’ll use them as motivation to achieve greater aspirations.”
Commenting on corporate social responsibility, Mrs. Peprah-Agyeman emphasized the bank’s longstanding commitment to education, revealing that over the past 16 years, Capital Rural Bank has sponsored 41 students in their pursuit of higher education.
The beneficiaries include two medical doctors, two architects, three bankers, a pharmacist, engineers, nurses, and teachers. For the 2023/2024 academic year, the bank has resolved to support a student at the University of Development Studies (UDS).
In his address, Chief Executive Officer, Martin Kobire, said the bank is adopting proactive measures in response to changing market dynamics and evolving consumer preferences.
“As part of our strategic initiatives, the bank launched Health and Educational Support products last year to address the funding gaps in these critical sectors.”
Highlighting digital transformation, Mr. Kobire announced plans for expanding the bank’s footprint through Agency Banking. “We are actively recruiting agents who will be equipped with POS systems to facilitate banking transactions in key locations,” he noted.
This initiative is part of the bank’s broader strategy to leverage technology and enhance customer accessibility.
