Atiwa Rural Bank Plc makes 180 per cent profit in 2024 financial year
The Atiwa Rural Bank Plc in Kwabeng in the Eastern Region has posted a strong financial performance for last year, with a profit before tax of Gh¢8.0 million, representing 180 per cent growth as against a Gh¢2.8 million recorded in 2023.
The bank delivered impressive financial results for the 2024 financial year – more than doubling its deposits of over Gh¢ 147.4 million, representing a remarkable 110 percent increase over the Gh¢70.3 million recorded in 2023.
Total Assets also grew by 110 percent rising from Gh¢79.8 million in 2023 to Gh¢167.5 million in 2024.
The growth is mainly attributed to the increased customer confidence and improved customer service.
37th AGM
The Chairman of the Board of Directors of the bank, Samuel Adu Addo, who announced this at their 37th Annual General Meeting(AGM), held in Kwabeng in the Atiwa West District, indicated that all the investments made by the bank in 2024 were sitting in the Government of Ghana Treasury bills.
In 2024, the bank invested Gh¢101.0 million representing an extraordinary 149 per cent increase over the 2023 figure of Gh¢40.5 million.
Loans and advances , increased from Gh¢24.5 million to Gh¢40.9 million, in the same period, recording a 67 per cent growth in the bank’s loan portfolio.
"More loans were granted to customers in the microfinance sector to expand their businesses within the period", the Board Chairman emphasized.
Shareholders' funds, accordingly also increased from GHC 6.7 Million in 2023 to GHC 11.8 Million, in the same period.
Operations
Stressing on the bank's operations, the Chairman announced that the Bank of Ghana has approved an upgrade of the Abomosu Mobilization Centre to operate as a full branch due to a rapid growth in its operations.
He also stated that the Kwabeng branch had also seen a facelift to the status of a modern banking hall.
On security, he hinted that the bank has acquired an Armoured Bullion Van to aid operations and safeguard cash movements.
Short-term plans
Looking into the near future, Mr Adu Addo, said the bank, seeks to extend more credit and develop new products that meet today's banking needs, adding that plans were also far advanced to extent it tentacles to Anyinam to remain competitive in the area.
"Plans are underway to acquire land for the construction of a Head Office building to accomodate our expanded operations", he announced.
Digital transformation
The Managing Director of ARB Apex Bank, Alex Kwasi Awuah, in a speech read on his behalf, commended the bank for such an impressive financial performance, while urging other rural banking sectors to emulate.
In becoming very competitive in today's ever-changing market, he charged all rural banks to invest in digitalization (mobile banking)in order to help reduce costs, enhance efficiency, and expand their customer base.