Copyright ghanamma
Amansie Rural Bank PLC (Public Limited Company) has posted a remarkable pre-tax profit of approximately GH¢36 million for the 2024 financial year, representing a 207.98% increase from the previous year’s GH¢11.69 million. The rural bank, headquartered in Antoakrom within the Amansie West District of the Ashanti Region, announced the results at its 40th Annual General Meeting held last Friday. Board Chairman Ben Kwaakye Adeefe Esq. attributed the growth to improved operational revenues and disciplined expenditure management across all levels of the organization. Shareholders are set to receive a 30% return on investment through dividend payments. The Board of Directors has proposed a total dividend payout of GH¢3.37 million, translating to GH¢0.075 per share based on the current share price of GH¢0.25. The Bank of Ghana has granted exceptional approval for the proposed dividend distribution. The bank’s stated capital grew by 45.81%, rising from GH¢4.49 million in 2023 to GH¢6.55 million in 2024. This expansion resulted from selling 8,235,925 ordinary shares at GH¢0.25 each, generating GH¢2.05 million in new capital. Management is now pursuing strategies to attract additional shareholders and encourage existing investors to increase their stakes. Frederick Kwakye Kyei, Chief Executive Officer of Amansie Rural Bank, told Business & Financial Times that the institution will continue developing customer-focused products while expanding digital banking platforms. He emphasized the bank’s commitment to deepening financial inclusion, particularly in underserved communities. The bank operated within a challenging macroeconomic environment throughout 2024. Ghana’s economy expanded by 5.7% during the year, up from 3.1% in 2023, according to provisional data from the Ghana Statistical Service (GSS). However, inflation remained stubbornly high at 23.8% in December 2024, driven primarily by elevated food prices stemming from unfavorable weather conditions and currency depreciation effects. The Ghana Cedi depreciated by 19.2% against the US dollar in 2024, an improvement from the 27.8% decline recorded in 2023. Treasury Bill rates showed downward movement, with 91-day rates falling to 27.73% from 29.39%, while 182-day rates dropped to 28.43% from 31.70% over the same period. Amansie Rural Bank increased its Corporate Social Responsibility (CSR) spending by 151% in 2024, allocating GH¢1.05 million compared to GH¢419,125 in the previous year. A significant portion funded construction and completion of the Amansie Community Centre pavilion in Antoakrom, establishing a lasting institutional presence in the bank’s founding community. Leonard Maasang, Kumasi Manager of ARB Apex Bank, represented Managing Director Alex Kwasi Awuah at the meeting. He congratulated the bank’s stakeholders on their exceptional performance, noting that doubling pre-tax profit within a single year reflects sound strategy and disciplined execution rather than circumstance. Maasang emphasized that the future of rural and community banking depends on digital transformation. He urged Amansie Rural Bank to deepen its adoption of agency banking, mobile platforms, and GhanaPay solutions to enhance service delivery and reduce operational costs. ARB Apex Bank continues investing in shared digital infrastructure that member institutions can leverage to reach younger customers and informal sector workers who increasingly prefer mobile-based financial services. The board has urged management and staff to maintain their momentum, working toward further profitability increases that will benefit shareholders. Chairman Kwaakye Adeefe expressed confidence that strong performance will continue, enabling consistent dividend payments in coming years. Kyei outlined the bank’s strategic priorities moving forward, including enhanced customer experience, strengthened risk management frameworks, and staff capacity development. He described these achievements as testament to the institution’s commitment to innovation, transparency, and sustainable growth while serving as a pillar of financial resilience and community empowerment.
