Nsoatreman Rural Bank rakes over GH¢1 million profit
Nsoatreman Rural Bank rakes over GH¢1 million profit from the issuance of the Notes for general corporate purposes, including refinancing the US$350 million Senior Bridge-to-Bond Loan Facility entered into in March 2024.
THE Nsoatreman Rural Bank Plc raked in GH¢1, 494,751 profit before tax in the 2023 financial year, a significant increase of 142.89 per cent in the previous year.
This was made known by Mr Daniel Hinneh, the Board Chair of the Bank, who added that in 2022, the bank achieved GH¢615, 405 profit, saying the achievement demonstrated the bank’s ability to “navigate through the tough economic condition and thereby reduced non-performing assets.”
The Board Chair disclosed this when addressing the 34th annual general meeting of shareholders at Nsoatre, the bank’s headquarters in the Sunyani West Municipality.
Mr Hinneh said the bank also witnessed a notable growth of 42.92 per cent in the fiscal year with its total investment reaching GH¢32, 147, 51, saying the bank’s portfolio advances increased by 45.26 percent from GH¢11,555,130 in 2022 to GH¢16,785,556 in 2023.
Additionally, the bank’s share capital increased from GH¢1,759,034 to GH¢2,017,582, he stated and urged the customers to buy more shares, anticipating future share capital requirements set by the Bank of Ghana (BoG).
Mr Hinneh further noted that the bank’s total assets reached GH¢59,033,907, marking a 26.76 per cent increase too, adding that the bank’s agricultural loan portfolio also grew from GH¢2,674,500 in 2022 to GH¢5,150,000, and attributed growth partly to the introduction of a new farmer’s loans.
He expressed satisfaction with the bank’s performance despite some challenges, and commended the Board, management, and the entire staff as well as its loyal customers.
Mrs Patricia Peprah Agyemang, the President of the Bono, Bono East, and Ahafo Regional chapter of the Association of Rural Banks, added that the BoG had fully implemented the Corporate Governance Directive for Rural and Community Banks (RCBs).
She therefore advised the RCBs to adhere to the provisions in the directive, especially the appointment of Board of Directors, other key management personnel, company secretary as well as the tenure office of Directors and Chief Executive Officers.
Mrs Agyemang said the chapter was engaging the Central Bank to tackle concerns raised by members in relation to the directive and asked the RCBs to comply.
Mrs Agnes Grimmon Intsiful, the Chief Executive Officer of the Bank, later told the GNA that the bank’s operation encountered several challenges the year under review, saying during the difficulties it remained committed towards supporting the rural population in enhancing their business and economic activities.
She noted that the successes chalked could also be partly attributed to continuous staff training and appealed to the government to release locked-up funds to the banks. —GNA
