Ahantaman Rural Bank PLC posts exceptional growth in 2024

Profit Before Tax rose sharply from GH¢7,006,195 in 2023 to GH¢20,500,631 in 2024. This is a 192.61% increase. Profit After Tax also climbed significantly, from GH¢4,443,446 in 2023 to GH¢14,024,102 in 2024. This represents 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. This marks a rise of 59.99%. Deposits grew as well, reaching GH¢367,253,780 in 2024. This is up from GH¢236,095,344 in 2023 and shows 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.

Madam Obeng highlighted the bank’s commitment to social impact. She revealed that GH¢1,274,072 was invested in Corporate Social Responsibility initiatives. These initiatives covered healthcare, education, agriculture and security services.

She mentioned the renovation of the Assembly Hall at Baidoo Bonsoe Senior High Technical School. This project commemorates their 40th anniversary and is nearing completion.

Ahantaman Rural Bank PLC received several awards for its performance this year. It was named Best Rural and Community Bank (RCB) for Corporate Social Responsibility at the Rural Banking Excellence Awards.

The bank was also first runner-up for Loan Disbursement. CEO Benjamin Eshun received a leadership award as Most Outstanding CEO at the Corporate Leadership Excellence Awards.

Madam Obeng stated their commitment to sound strategies and financial management. They aim for continuous improvement of ICT platforms to deliver quality services.

Nana Alex Awuah commended the bank's achievements in deposit mobilization and profitability. He noted that Ahantaman PLC exemplifies Ghana’s rural banking sector's positive trajectory.

“Rural banking continues to impact lives positively,” Mr. Awuah said about Apex Bank's support for rural banks.

Solomon Amankwah praised the bank’s strong financial showing and leadership as well. He encouraged management to maintain high standards in customer service.

“Your performance should serve as a benchmark for other RCBs,” he added.

Municipal Chief Executive Ebenezer Aidoo echoed these commendations too. He urged shareholders to increase their equity contributions for expansion support.

The Board recommended a dividend of GH¢0.08 per share this year. This totals GH¢3,130261 or about 22.32% of profit after tax.