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ARB APEX Bank Shows Satisfaction To Atwima Rural bank PLC Over 2023 Financial Performance.
Officials of ARB APEX Bank have said they are pleased with the financial performance of Atwima Rural Bank PLC for the year 2023.
Per report on the Bank’s financial performance for the year under review, it recorded an amount of GHs 69,101,466 on Deposits for the year 2023 against GHs 53,005,772 (year 2022).
GHS 22,574,322 was earned on Investments for year 2023 against GHs 17,450,157 (year 2022) , Loans and Advances GHs 26,192,894 (year 2023) against GHs 18,214,169 (year 2022), Share Capital GHs 1,738,779 (year 2023) against GHs 1,723,669 (year 2022).
Total Assets had GHs 66,445,275 in 2023 against GHs 49,279,785 in year 2022.
Figure on the Profit for the year was recorded as GHs 1,002,507 in 2023 against GHs 818,545 in year 2022.
It also recorded GHs -4,683,804 on Net Worth against GHs -5,065,770.
The Bank’s performance as at 30th September, 2024 showed a profit before tax and impairment of over GHs 1.6 million; a significant improvement over last year’s performance in the same period.
Speaking on behalf of the Managing Director of ARB APEX Bank, Mr. Alex Awuah at the Bank’s 30th Annual General Meeting, held at Fosse of Atwima Kwanwoma District, Leonard N.Maasang said officials of ARB APEX Bank are pleased by the performance of Atwima Rural Bank PLC.
” First we are pleased with the 41.5 percent growth in profit before tax from GHs 797,734 in 2022 to GHs 1.12 million in 2023. This is a sign that the bank is on the right track to recovery.
We are also happy with the 43.80 percent growth in the loans and Advances from GHs 18.21 million in 2022 to GHs 26.19 million in 2023.
This shows the board and management of the bank are committed to credit extension to the communities in which it operates.
This underscores the importance of RCBs continually devising more pragmatic strategies for credit delivery in the communities”.
He further remarked that the growth of Atwima Rural Bank PLC “is a direct result of the good policies implemented by the board and management of the bank as evidenced by the 34.83 percent increase in total Assets from GHs 49.28 million in 2022 to GHs 66.44 million in 2023.
This increase in total Assets also reflects the trust and confidence that customers have in RCBs, further solidifying their position as key players in local economic development. This rise in total Assets also demonstrates the effectiveness of the RCBs in attracting and retaining customers, which is crucial for their long-term sustainability”.
Board Chairman for the Bank, Eric Appiah said in his report at the meeting that the institution is focused at growing income in a strong, safe and responsible manner while maintaining both cost and capital discipline.
“We will do this by harnessing our key potentials and leveraging on the available opportunities to deliver value to our shareholders”
By:Hon Justice Baffour Awuah-Kumasi