Ankobra West Rural Bank shows resilience with impressive 31.94% Profit surge in 2022

The Chairman of the Board of Directors for Ankobra West Rural Bank PLC in the Western Region, Dr. Frank Boateng has expressed his unwavering commitment to ensure the steady growth of the bank.
He noted that his team is poised to implement sound strategies that will drive the bank's improvement across various prudential benchmarks.

Speaking at the 31st Annual General Meeting of Shareholders held at the Esiama in the Ellembelle District on Saturday, Oct 29, 2023, Dr. Frank Boateng noted that the bank saw significant gains in key performance indicators, defying the odds in many areas compared to the preceding year.

Despite the slow economic growth of the country, the bank’s profit after tax in 2022 soared to GHC 334,148, a significant increase from the previous year of GHC253,255.00, representing a remarkable 31.94% change.
Deposits increased from GHC20,645,445 in 2021 to GHC24,849.848 in 2022, while total assets also increased from GHC24,172,057 in 2021 to GHC30,059,605 last year.

Moreover, the bank's total assets and deposits also witnessed substantial growth, underlining its resilience and progress.



In addition to financial success, Ankobra West Rural Bank remains committed to corporate social responsibility, as it spent GHC 24,989 in 2022 to support traditional and civil authorities and communities in its catchment area, even during a challenging year for the banking industry.

However, Dr. Boateng took a moment to remind shareholders and customers of their pivotal roles in this growth story. To fuel the bank's upward trajectory, he urged them to consider purchasing more shares and ensuring the prompt repayment of loans. He expressed concern regarding loan repayment, which has resulted in high operating costs and a critical challenge for the bank.

The board chairman of Amenfirman Rural Bank, Dr. Tony Aubyn, commended Ankobra West's performance and urged further growth through initiatives like vigorous share mobilization and loan retrieval exercises.

The Managing Director of ARB Apex Bank, Alex Awuah, in a speech read on his behalf, noted that the improved performance of Ankobra West despite the aforementioned difficulties is highly commendable.

He urged rural banks to be guided by past experiences by critically examining their investments or channel such investments through Apex Bank to avoid future losses and ensure good customer service to help retain their customers and attract more.