By Elizabeth PUNSU, Toase
The Atwima Mponua Rural Bank PLC, located in the Atwima Nwabiagya Municipality within the Ashanti Region, has shown strong operational results across all financial metrics during the 2024 reporting period.
The bank has experienced substantial growth in deposit collection, reaching around GH₵ 255.6 million by the end of 2024, compared to GH₵ 156.8 million in December 2023, indicating a commendable increase of 62.97%.
Despite this notable advancement, especially in attracting deposits, Board Chair Constance Phyllis Puttick, during the presentation of the chairperson's report for 2024 at the 41st Shareholders' Annual General Meeting, urged the Bank's management and employees to exert greater effort to attain further success in the coming year.
Operational Performance
Owing to the negative effects of the sluggish recovery of the Domestic Debt Exchange Programme (DDEP), along with the decline in substantial revenues from investment returns, the Board was forced to confront the difficult challenge of addressing the loan portfolio's long-standing defaults, which had turned into toxic assets, inflating figures but possessing no income-generating potential as per the Bank of Ghana’s instruction.
Furthermore, a large portion of the Bank's investments is still tied up with state-owned investment companies, showing minimal indication of quick return. Alongside a halt in capital spending and the distribution of dividends to shareholders, these were challenging decisions but aimed at guiding the bank towards recovery.
Despite the challenges mentioned earlier, Atwima Mponua Rural Bank PLC delivered an outstanding performance as shown in the table.
| Details | 2024 GH₵ M | 2023 GH₵M | |
| GH₵ M | GH₵M | % | |
| Total Deposit | 255.549 | 156.808 | 62.97 |
| Loans and Advances | 52.433 | 37.886 | 38.66 |
| Investments (short-Term) | 132.200 | 47.369 | 179.08 |
| Total Assets | 268.783 | 157.177 | 71.00 |
| Stated Capital | 1.886 | 1.646 | 14.58 |
| Retained Earnings | 1.566 | (9.154) | Over 100 |
| Shareholders Fund | 7.119 | (4.417) | Over 100 |
| Profit Before Tax (PBT) | 14.651 | (4.995) | Over 100 |
| Profit After Tax (PAT) | 11.296 | (4.796) | Over 100 |
As stated by the Board Chairperson of the Bank, Mrs. Constance Phyllis Puttick, the Bank achieved strong financial performance for the year 2024, which was under review, showcasing the wise choices made throughout the year and the firm dedication to effective corporate governance, solid business methods, and the execution of market-oriented approaches.
Profitability
By December 2024, the Bank's total revenue from all sources reached GH₵ 43.0 million, compared to GH₵ 24.1 million in 2023. The expenses stood at GH₵ 28.2 million, versus GH₵ 29.1 million in 2023. As a result, the bank achieved an impressive financial outcome, recording a pre-tax profit of GH₵ 14.8 million, which marks a shift from a loss of GH₵ 5.0 million in 2023, and a post-tax profit of GH₵ 11.6 million, compared to a loss of GH₵ 4.8 million in 2023.
Corporate Social Responsibility
In 2024, Atwima Mponua Rural Bank PLC reconfirmed its dedication to shared value by allocating a total of GH₵ 61,350 towards Corporate Social Responsibility (CSR). This supported significant projects in agriculture, social inclusion, and education, benefiting thousands and promoting sustainable development.
\xa0The new strategic focus
As stated by Edward Kwarteng, the CEO of the Bank, the new strategic cycle spanning from 2026 to 2030 is centered around the theme: "Strengthening Operational Performance Growth by promoting Innovation and System Transformation, Ensuring Resilience, Effective Corporate Governance, a Customer-Oriented Approach, and Human Resources Development: advancing towards Sustainable Growth"
He highlighted that this new strategic stage would be based on the proven foundations of Human Resource Development and Motivation, Customer Experience, Digital Transformation, and the modernization of branches to guarantee long-term growth in the business.
As stated by the CEO, this presents the Bank with a prime chance to leverage and strengthen the achievements from the upcoming conclusion of the strategy cycle, aiming to reestablish itself as a leading player in the RCB sector within the region.
Regulatory commendation
In the meantime, Leonard N. Maasang, the Ashanti Regional Manager of ARB Apex Bank, spoke on behalf of the Managing Director, Alex Awuah, and praised Atwima Mponua Rural Bank for its outstanding financial results and consistent dedication to community growth.
He commended the directors, leadership, and employees of the bank for their combined work in reaching this impressive achievement, highlighting that the progress in all major financial metrics provides solid confidence to both shareholders and clients.
He pointed out a remarkable accomplishment: a 38.66% rise in loans and advances—from GH₵37.89 million in 2023 to GH₵52.43 million in 2024. This expansion, as Mr. Awuah noted, demonstrates the bank’s focus on customers and its strong dedication to rural financial services.
Mr. Awuah also commended Atwima Mponua Rural Bank for its ongoing commitment to corporate social responsibility (CSR) and encouraged other Rural and Community Banks (RCBs) to follow suit.
"we call on other RCBs to follow this outstanding example by funding transformative community initiatives. these actions will not only boost public trust and the bank's image but also play a major role in achieving long-term sustainable growth," Mr. Awuah emphasized.
Provided by SyndiGate Media Inc.Syndigate.info).