The Enyan Denkyira Rural Bank (EDRB) Plc made after-tax profit GH¢ 1,148.072 in the 2024 financial year.
Following this, its Board of Directors has proposed that a sum of GH¢ 450,000.00 should be paid as dividend to shareholders subjects to approval by the country’s central bank, Bank of Ghana.
This was announced at the bank’s 42nd annual general meeting held at Enyan Dekyira in the Central Region.
The bank’s 2024 profit comes to surpass the GH¢ 1,073 million (not billion as it was reported by a media outlet last year), which was tagged as the highest then in the history of the bank.
Delivering his report at the meeting on Saturday, the bank’s Board Chairman, Mr Kojo Essamuah Sam-Woode, said the bank’s performance resulted from its vision of “creating value for its shareholders”
The chairman of the board of the bank located in the Ajumako-Enyam-Essiam District in the Central Region of the country said the bank’s “operating income increased from GH¢ 7,953,049 in 2023 to GH¢10,658,614 in 2024, representing a 34.20 per cent growth”
Besides, he said the total deposits in 2024 totaling GH¢ 49,807,072 shows a growth of 49.21 percent over the 2023 figure of GH¢ 33,381,562 in 2023.
Mr Sam-Woode said the bank’s loans and advances also jumped from GH¢ 22,214,538 in 2023 to GH¢28,895,850 in 2024, indicating a 30.08 per cent increase.
The board chairman, departing from the bank’s financial performance, mentioned how its corporate social responsibility (CSR) services such as scholarships and sponsorships of certain activities in schools and the traditional areas in its catchment area had imparted lives.
Mr Sam-Woode thanked all those who helped in diverse ways to help the bank achieve growth in 2024, including customers and staff.
He expressed optimism that “a stronger performance will be achieved in the years ahead.”
The EDRIB Plc attracted commendations from various speakers, including Mr Akhurst Yamoah, the president of the Central Regional chapter of the Association of Rural Banks, Ghana.
Mr Yamoah said the chapter was not surprised that “Enyan Denkyira Rural Bank has been awarded the Best Rural Bank of the year 2024.”
Certain shareholders also expressed joy at the bank’s performance but showed concern about when the Bank of Ghana would lift its stance on approving dividend payment.
“Once the rural bank has demonstrated the ability to pay it, the Bank of Ghana should not have business doing with the matter because sometimes shareholders never get the dividends,” a shareholder said vehemently, citing the case of 2023.
FROM KWEKU GYASI ESSEL, ENYAN DENKYIRA