Kwaebibirem Rural Bank PLC at Asuom in the Eastern Region has recorded remarkable growth in all operational indicators for the 2023 year under review.

Despite the challenging macro-economic environment that affected many businesses during the year under review, the bank recorded a significant growth in deposit from GH¢48,585,493.00 in 2022 to GH¢61,947,740.00 in 2023, representing a growth rate of 28%.

A profit before tax of GH¢4,128,797.00 was made as compared to the previous year’s profit of GH¢3,447,455.00, which also represented a growth rate of 20%.

The bank’s Total Assets also grew from GH¢57,112,851.00 in 2022 to GH¢75,949,969.00, representing a growth rate of 33%. Investment increased from GH¢31,591,714.00 in 2022 to GH¢47,742,105.00 in 2023. This represented a growth rate of 38% whiles loans and advances rose from GH¢13,297,784.00 in 2022 to GH¢17,379,597.00 in 2023 which represents an increase of 31%.

The Board Chairman Hon. Carlos Kingsley Ahenkorah, announced these and more at the bank’s 37th Annual General Meeting of shareholders held last Saturday, 23rd November 2024 at the Salvation Army Church, Asuom-Eastern Region.

Operational environment
According to him, the economic crises experienced in the year 2022, the year 2023 displayed some economic improvements. Inflation fell from 54.1% to 23.20% by December, 2023, reflecting a more improved condition as compared to the previous year.

He further said that, aside the general challenges mentioned the banking sector in Ghana showed stripes of positivity’s by recording 224.6% growth in profit to GH¢8.3 billion in 2023, which your bank shares in this great achievement, a sign that the economy is bouncing back from the shocks of the Domestic Debt Exchange Programme by the government. 

Shareholders’ Funds
Shareholders’ funds also rose from GH¢4,404,570.00 in 2022 to GH¢7,107,047.00 in 2023, representing an increase of 61%. It is worth announcing that your bank has now gained the status of satisfactory from its inspectorate bodies, he added.

Dividend
The Board Chairman was glad to inform the shareholders that the Bank of Ghana has approved the payment of dividend of GH¢793,066.48. This gesture was a sign that the shareholders investments were never in vain. 

Corporate Social Responsibility
According to the chairman, the bank continuous to offer support to the Ghana Police Service and the Ghana Fire Service by providing them fuel on monthly basis to the Asuom, Kade, Akwatia and Oda environs.

We do these to promote security, peace and stability within our catchment areas.

The bank also made key donations to schools and other institutions in the form of building materials, computers, educational event sponsorships and other kind gestures amounting to GH¢98,170.00.

Growth and Expansion Drive; - Kade New Office
The Board Chairman was glad to inform the shareholders that, the board have secured a befitting office space. It is located directly opposite the Kade main lorry station (Regina House), with the new office, the bank is now in position to recapture all the customers it lost due to its previous location.

FUTURE OUTLOOK
The performance recorded by the bank for the past three years shows that the bank was on the path of sustainable growth. The board and management would embark on branch expansion and introduction of new products and services in the last quarter of 2024;

Branch Expansion/Mobilization Centers
The Chairman said in line with the bank’s 4 year strategic plan, they sought to open two new branches at Akokoaso and Akroso. Feasibilities studies were completed and the necessary documentations ongoing with the appropriate bodies.

The board also intends to open two mobilization centers at Adankrono and Abaam respectively, this they intend will bring banking services to the door steps of their customers and potential customers’ whiles expanding their deposit mobilization drive in these communities and their environs.

Piloting of POS for SE’s
The Chief Executive officer, Prince Obiri Yeboah also outlined their intention to roll out Point of Sale Devices (POS) for Sales Executives. These devices will help in the deposit mobilization drive and fast truck their operation on the field.  

Commendation and Regulatory advices
The Eastern Regional Manager of ARB Apex Bank, Rueben Adamptey (Mr.) – who addressed shareholders on behalf of Managing Director, Alex Kwasi Awuah (Mr.) – congratulated the bank for the swift turnaround to set the bank back on a growth and profit-making trajectory.

He stated that Kwaebibirem Rural Bank shareholders are among the very few RCB shareholders to receive dividends this year, with a dividend of 0.02pesewas per share.

He further said, ARB Apex has introduced mobile banking to our customers by dialing a short code *992#, RCB customers can now access a diverse array of banking services, including withdrawals, wallet-to-account transfers and vice versa, bill payments, account balance checks and statement request.

Also, the introduction of Agency banking will provide the combined benefits of substantially reducing the overhead costs of RCBs and improving the convenience and experience of customers, as RCB customers would not be required to travel long distances to access banking services at physical branch locations

He concluded by congratulating the Board, Management, staff and shareholders for a successful 37th AGM and have the confident that the bank will continue to grow exponentially for the shareholders.