The Nkrankwanta Area Rural Bank Limited at Nkrankwanta in the Dormaa West District of Bono Region recorded satisfactory growth during the 2021 financial year review.
It posted a pre-tax profit of GH¢541,056 in 2021 as against a loss of GH¢ 357, 382 during the previous year which represents251 percent growth.
The Board Chairman of the Bank, Kwaku Agyeman-Manu, who announced this at the bank’s annual general meeting here said it achieved that significant feat despite the bank’s GH¢ 3327, 756 non-interest-bearing investment was locked up with the Securities and Exchange Commission.
The bank, he indicated, also grew its total assets from GH¢14 857, 988 to GH¢19,257,700 representing a growth rate of 30 percent.
“The bank also increased its loans and advances portfolio from GH¢1,412,578 in 2020 to GH¢4,059,106 in 2021, showing an upward adjustment of 187 percent,” he added.
According to him, the bank’s total deposits equally soared by 23 percent, rising from GH¢14,123,076 to GH¢17,311,422, thus attributing the gains to loyalty of its customers and confidence of the public in its products.
He said, “The bank shall continue to develop attractive products that meet ever changing demands of our customers to sustain and improve the current gains.”
Unlike other performance indicators that increased, the bank reduced short-term investments marginally by 0.1 percent from GH¢10,235,411 in 2020 to GH¢10,227,756 in 2021.
The Board Chairman explained that during the year under consideration, the bank focused more on loans and advances since interest on short-term investments was relatively low.
Touching on shareholding, he said the bank increased stated capital from GH¢1,034 655 to GH¢1,139,446 as at the close of 2021 financial year, representing 10 percent increase.
He expressed gratitude to shareholders for their continuous effort to raise the paid-up capital to its current level and urged them to sustain the commitment to further increase their shareholdings.
The Chief of Nkrankwanta-Ankobea Dompemhene, Nana Adjei Ekyea Ankombi II, appealed to the bank to introduce more electronic banking services such ATM to enable customers have easy access to their money, especially during non-banking hours.
FROM: DANIEL DZIRASAH