Manya Krobo Rural Bank declares pre-tax profit

Manya Krobo Rural Bank PLC posted a pre-tax profit of GH¢4.01 million in the 2023 financial year. This is an increase from the GH¢3.44 million recored in 2022. 

The growth in the pre-tax profit, according to the bank was driven by a substantial increase in interest income from loans and overdrafts. 

Total income soared by 18.69 per cent to GH¢36.08 million compared with the GH¢30.4 million in the previous year. 

The bank also incurred a total expenditure of GH¢32.08, which represented an increase of 18.98 per cent over the GH¢26.9 million spent in 2022. 

The expenditure in 2023, included subsequent impairment of GH¢100,000, in addition to the GH¢474,000 posted in 2022 in respect of the bank’s bonds under the Domestic Debt Exchange Programme (DDEP).

These came to light at the bank’s 43rd Annual General Meeting held at Odumase-Krobo.

Dividend 

The Board Chairman, Chairman, Patrick Amanor Buckor, in his report said after reviewing the performance of the bank, it recommended a dividend of GH¢0.030 per share, except for the Bank of Ghana to reduce it to GH¢0.020 per share, adding, “the bank’s request was based on a 37.75 per cent payout from the net profit of GH¢2.8 million attributable to the ordinary shareholders for the 2023 financial year”.

Mr Buckor lauded the past directors for the solid foundation laid upon which the new board members were building a strong financial services brand and assured the shareholders that the new board was committed to ensuring effective corporate governance and sound risk management practices required under the Bank of Ghana’s Corporate Governance Directive 2018, as well as the Fit and Proper Persons Directive 2019.          

Other Trending Stories

Over 90% of Eurobond investors back Ghana’s debt restructuring plan

Ghana's inflation rises in September after five-month decline

Brazil fines Musk's X for site's return after ban

Q2 GDP: Ghana’s economy grows at fastest pace in five years

Ghana loses 160,000 tonnes of cocoa to smuggling in 2023/24 season

Support

The Deputy Managing Director of ARB Apex Bank, Curtis William Brantuo, said the ARB Apex Bank would continue to provide the right leadership support for the growth and sustainability of Rural and Community Banks (RCBs). 

He, therefore, commended Manya Krobo Rural Bank as one of the RCBs that remained a consistent and worthy example and was ready to support the bank to remain a model in rural banking in the Eastern Region.

Commitment 

Mr Brantuo said ARB Apex Bank was happy that loans and advances grew by 28.40 per cent, which affirmed the bank's commitment to its core mandate of credit extension to the communities in which it operated. 

He pleaded with customers for timely repayment to sustain a healthy credit cycle, fostering support for businesses and individuals through the bank’s reliable and high-quality service.

The President of the Association of Rural Banks, Eastern Region Chapter, Dr Adjei Twumasi, in a solidarity message, drew the attention of the Manya Krobo Rural Bank to the ever-changing world of technology and the need to evolve to continuously update the customers' records as and when their profiles changed.

He said the Know Your Customer (KYC) form should be a living document and reflective of the present circumstances of the customer as that would help the board to make the best decisions when it came to loan assessment. 

The Divisional Chief of Manya Division of the Manya Krobo Traditional Area, Okpatakpla Nene Sasraku II, and other sub-chiefs and queenmothers from the area graced the occasion.