Subin-Akwaboso Rural Bank Records 420% Profit Surge, Ranked 3rd Nationwide

Subin-Akwaboso Rural Bank Records 420% Profit Surge, Ranked 3rd Nationwide

Source:www.dailywatchgh.com//Justice Baffour AWUAH, managing editor,0246-930931

Subin-Akwaboso Rural Bank PLC has achieved its strongest financial performance to date, posting a remarkable 420% profit jump and significant growth across all key indicators for the 2024 financial year.

The Bank’s audited results show profit before tax skyrocketed to GH¢3.86 million, up from just GH¢741,526 in 2023. Profit after tax also surged to GH¢3.47 million, compared to GH¢664,052 the previous year.

Fueled by growing customer confidence, total deposits nearly doubled, hitting GH¢46.9 million from GH¢21.3 million in 2023. Total assets expanded by more than 120%, reaching GH¢53.1 million, while loans and advances increased to GH¢3.94 million.

Board Chairman, Mr. Edward Anti Nyinaku, hailed the achievement as a reflection of “resilience and sound management,” revealing that the Bank had been ranked 3rd out of 147 rural banks nationwide by ARB Apex Bank. Subin-Akwaboso also retained its crown as the “Most Promising Rural Bank of the Year.”

Looking ahead, the Bank is pursuing aggressive expansion, with a new Diaso branch set to open by January 2026 and an agency already operating at Domi Assamang (Amansie South).

Despite the record profits, no dividends will be declared, in line with a Bank of Ghana directive to strengthen reserves.

Mr. Nyinaku expressed gratitude to customers and stakeholders, assuring that the Bank is well-positioned to deepen financial inclusion and remain one of Ghana’s strongest rural banks.