Lower Pra Rural Bank PLC in the Western Region recorded an unprecedented performance in 2024 despite all challenges and uncertainties that beset it in the first half of the year.
The bank, for the first time, achieved outstanding results in all its key indicators with profit after tax increasing about four times as compared to 2023.
Its capital adequacy now stands at 17.65 percent, which competes favorably with the regulatory benchmark of 13 percent.
Miss Felicia Aba Dawood, chairperson of the board of directors, said although the year under review was a turbulent one as happens in all election years, Lower Pra Rural Bank has shown exceptional resilience and performed exceptionally well.
Financial report
Presenting the director’s financial report for last year to the 37th Annual General Meeting of shareholders at the bank’s headquarters in Shama last Saturday, she attributed this unprecedented performance to several factors including sound leadership by the board and management, hard work of staff, loyalty of customers and unflinching support of stakeholders.
“I am proud to be part of an ambitious bank ready to reclaim its leadership among Rural and Community Banks in Ghana’, she stressed.
She indicated that the bank’s deposit grew from GH 236,024,683.00 in 2023 to GH 333, 628, 343.00 last year, representing 41.35 percent change with its investment also shooting up from GH 110, 336, 336.00 to GH 195, 799, 581.00, a 77.50 percent growth.
The board chairperson further disclosed that operating income, which was GH 69,565,525.00 two years ago, increased to Gh.c 85, 340, 899.00 last year, representing a 33.23 percent increment.
Positive outlook
She said the bank’s total assets also increased from the recorded GH 256,280,061.00 in 2023 to Gh.c 379,536,727.00 in 2024, representing 48.00 percent growth.
Shareholder funds grew by 92. 00 percent, that is from GH 16, 019, 896.00 to GH 30,750,827.00 last year with capital adequacy ratio also shooting up from the recorded GH 29, 344,118.00 in 2023 to GH 63, 904,016.00 in 2024.
The board chairperson indicated that advances also shot up from GH 101,710,264.00 in 2023 to GH 104, 920, 594.00 last year, representing 3.16 percent change.
She intimated that in line with the bank’s dividend policy and in accordance with the Companies Act 992 of 2019, the board of directors recommended a dividend of GH 0.30 per share for all shareholders last year, describing this figure as the highest so far to be paid by any rural bank in the country.
She therefore quoted GH 1, 253, 323.20 as total amount of dividend to be paid on 4,177.744 shares by the bank.
Social responsibility
Miss Dawood said Lower Pra Rural Bank PLC will continue honouring its corporate social responsibility to persons, institutions and communities in the catchment area, adding that it is in line with this mandate that the bank last year invested GH 2, 665, 900.00 in education, sports, health and other social services such as provision of boreholes and toilet facilities to bring smiles on the faces of the people and also make life comfortable for them.
She said the bank, which has a new Chief Executive Officer, is positioned for renewed growth and prosperity, poised to consolidate its gains and forge a new and sustainable growth path.
Sustainable growth
In a brief address Mr. Ernest Nii Tackie -Otoo, the new CEO, reiterated that the bank’s vision is to drive sustainable growth, enhance shareholder value and strengthen its position as a leading Rural Bank in Ghana.
He identified five key areas such as customer- centric transformation, expansion of loan and deposit portfolio and investing in talent and leadership development as strategic priorities that will be focused on to help achieve this vision.
The deputy Managing Director of ARB Apex Bank, lawyer Kentis Bretus, expressed confidence in Lower Pra Rural bank’s capacity to become the leading rural bank in the country and urged both management and directors to introduce proactive measures that will help achieve this vision.
From Yaaba Yamikeh, Shama
