Story by Yaaba Yamikeh, Esiama
Ankobra West Rural Bank PLC, one of the leading rural banks in Ghana’s Western Region, recorded impressive financial performance for the 2024 fiscal year, achieving significant growth across key industry benchmarks.
Speaking at the bank’s 33rd Annual General Meeting (AGM) held at its headquarters in Esiama in the Ellembelle District, the Board Chairman, Dr. Frank Boateng, attributed the remarkable performance to favourable macroeconomic conditions and the strategic efforts of the bank’s leadership.
He assured stakeholders that the bank remains committed to maintaining its position as a top-performing rural bank in the oil-rich region.
Historic Recognition
For the first time in its 48-year history, Ankobra West Rural Bank received four prestigious awards in 2024 namely Rural Bank of the Year at the Ghana Accountability and Finance Awards, Paa Grant Award for Business Excellence, Ghana Outstanding Business Achievement Award and ranked 73rd in the Ghana Club 100
Dr. Boateng stated that the bank is aiming to become one of the top contenders in Ghana’s rural banking sector and encouraged the board, management, and staff to remain steadfast in pursuing the bank’s vision of excellence and financial discipline.
Key Financial Highlights
In presenting the 2024 financial report, Dr. Boateng revealed major gains across several financial indicators:
- Profit After Tax rose sharply from GH¢1,038,963 in 2023 to GH¢4,409,813, marking a 324.44% increase.
- Customer Deposits nearly doubled, growing from GH¢39,323,429 to GH¢77,719,816, a 97.64% growth.
- Total Assets increased from GH¢47,357,251 to GH¢94,054,533, representing a 98.61% rise.
- Net Advances grew by 85.12%, moving from GH¢11,716,636 to GH¢21,688,417.
- Shareholders’ Funds increased by 125.21%, from GH¢3,693,032 to GH¢8,317,070.
- Stated Capital rose from GH¢1,117,570 to GH¢1,331,794, a 19.17% increase.
- Income Surplus grew significantly by 216.99%, from GH¢1,524,175 to GH¢4,831,535.
- Investments in Government Securities more than doubled, rising from GH¢24,400,000 to GH¢58,500,000, a 139.75% increase.
Commitment to Community and Shareholders
As part of its Corporate Social Responsibility (CSR), the bank spent GH¢324,491 to support traditional authorities, civil institutions, and local communities within its operational area.
In appreciation of shareholder confidence and support, the board proposed a dividend of GH¢500,000 for 2024—an increase of 66.67% over the GH¢300,000 paid in 2023.
Dr. Boateng encouraged shareholders to increase their investment in the bank and introduce new shareholders to sustain the growth trajectory.
Strategic Prudence
Despite the bank’s strong performance, the Board of Directors opted not to increase board fees for the year. Dr. Boateng described the move as a strategic decision to conserve resources and further strengthen the bank’s financial resilience.
“These impressive numbers clearly reflect the strength and direction of Ankobra West Rural Bank PLC. The sky is our limit,” Dr. Boateng declared.
