By Benjamin Akoto
Nsoatre, (B/R), Nov. 13, GNA – The Nsoatreman Rural Bank Plc raked in GHC1,494,751 profits before tax in the 2023 financial year, a significant increase of 142.89 per cent in the previous year.
This was made known by Mr Daniel Hinneh, the Board Chair of the Bank who added that in 2022, the bank achieved GHC615, 405 profits, saying the achievement demonstrated the bank’s ability to “navigate through the tough economic condition and thereby reduce non-performing assets”.
The Board Chair disclosed this when addressing the 34th Annual General Meeting of shareholders at Nsoatre, the bank’s headquarters in the Sunyani West Municipality.
Mr Hinneh said the bank also witnessed a notable growth of 42.92 per cent in the fiscal year with its total investment reaching GHC32, 147,515, saying the bank’s portfolio advances increased by 45.26 percent from GHC 11,555,130 in 2022 to GHC 16,785,556 in 2023.
Additionally, the bank’s share capital increased from GHC 1,759,034 to GHC 2,017,582, he stated and urged the customers to buy more shares, anticipating future share capital requirements set by the Bank of Ghana (BoG).
Mr Hinneh said the bank’s total assets reached GHC 59,033,907, marking a 26.76 percent increase too, adding the bank’s Agricultural loan portfolio also grew from GHC2,674,500 in 2022 to GHC5,150,000, and attributed growth partly to the introduction of a new farmer’s loans.
He expressed satisfaction with the bank’s performance despite some challenges, and commended the Board, management, and the entire staff as well as its loyal customers.
Mrs Patricia Peprah Agyemang, the President of the Bono, Bono East, and Ahafo Regional chapter of the Association of Rural Banks said the BoG had fully implemented the Corporate Governance Directive for Rural and Community Banks (RCBs).
She therefore advised the RCBs to adhere to the provisions in the directive, especially the appointment of Board of Directors, other key management personnel, company secretary as well as the tenure office of Directors and Chief Executive Officers.
Mrs Agyemang said the chapter was engaging the Central Bank to tackle concerns raised by members in relation to the directive and asked the RCBs to comply.
Mrs Agnes Grimmon Intsiful, the Chief Executive Officer of the Bank later told the GNA that the bank’s operation encountered several challenges in the year under review, saying during the difficulties it remained committed towards supporting the rural population in enhancing their businesses and economic activities.
She said the successes chalked could also be partly attributed to continuous staff training and appealed to the government to release locked-up funds to the banks.
GNA