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marks return to strong profitability records 1026.87% growth in profit By Elizabeth PUNSU, Asiwa Bosome Freho Rural Bank PLC located at Asiwa in the Bosome Freho District of the Ashanti Region has held its 7th Annual General Meeting recording strong performance in almost all its financial indicators despite economic challenges in the year 2024 under review. The Bank’s total income rose sharply by 80.6%, reaching GH₵13.98 million in 2024 compared to GH₵7.74 million in 2023. Profit after tax stood at GH₵1.29 million, marking a return to strong profitability amid an uncertain economic climate. Operational environment The Real Gross Domestic Product (GDP) growth rate was 5.7 % in 2024 as compared to 3.1 % in 2023. The year under review saw in inflation rate of 23.8% in 2024 compared to 23.2 % in 2023 as a result of increase in food prices. The monetary policy rate increased to 27% in 2024 as compared to 30% in 2023. Despite the numerous challenges, Chairman of the Board of Directors, Dr. Anthony Badu-Peprah, indicated that the Bank managed to sail through the year 2024 under review. The Board and Management scanned through the environment and consistently reviewed their strategies to reduce its impact on the operations of the Bank. Speaking at the Bank’s 7th Annual General Meeting (AGM) of shareholders, Dr. Badu-Peprah indicated that total deposits of the Bank surged by 97.7%, from GH₵37.53 million in 2023 to GH₵74.21 million in 2024, reflecting a strong customer confidence and aggressive deposit mobilisation efforts. He added that the Bank will continue to intensify its deposit drive to further strengthen the Bank’s balance sheet. PERFORMANCE INDICATORS: Stated capital The Bank’s stated capital saw a marginal increase from a little over GH₵ 1million in 2023 to a about GH₵ 1.1million in 2024, a growth of GH₵ 77,420 that is 7.21% over the previous year. The Bank, according to the Board Chairman, has a strong track record of financial performance, innovation, and growth and well-positioned to capitalize on emerging opportunities in the industry. Mr. Badu-Peprah has further urged shareholders to buy more shares of the Bank which will be a testament of their confidence in its future. Loans and advances The Bank recorded loans and advances of more than GH₵ 13.2million as at 31st December 2024 as against over GH₵ 13.3million in 2023, a slight decrease of a little over GH₵103,000 representing 0.77%. The fall in portfolio was as a result of a deliberate attempt by management to shift focus from disbursement to recovery in order to correct the growing past due/overdue balances of the branches. The Bank is also helping with business expansion, creating more job opportunities and also trying to meet customers’ financial needs Total assets Total Assets of the Bank increased from more than GH₵38.8million in 2023 to over GH₵ 77.5million in 2024. The variation was a little over GH₵38.7million, representing a growth of 99.82% Corporate Social Responsibilities In fulfillment of the Corporate Social Responsibilities (CSR), the Bank spent an amount of approximately GH₵67,000 in areas such as sports, education, religious activities, district assembly activities, health, traditional authority among other things. Future outlook Looking ahead, the Chief Executive Officer of the Bank Paul Donkor, in an interview with Business & Financial Times, expressed optimism about the bank’s future, citing the adoption of digital and mobile banking as key drivers of growth and He further stressed that in the coming years, the bank would prioritize strategic partnerships with government agencies, SMEs, and community-based organizations to unlock new financing channels and promote entrepreneurship financial inclusion in rural communities. He concluded that with the unwavering support of the Bank’s shareholders, board, and dedicated staff, and with the Bank’s current path of growth trajectory, Bosome Freho Rural Bank is poised to scale new heights and deliver sustainable value to all stakeholders.
