Nyakrom Rural Bank PLC makes giant strides, profit in 2023

The Nyakrom Rural Bank PLC, the pioneer rural bank, has made a profit before tax of GHC2.143 million in 2023 compared with GHC1.03 0 million in 2022, representing a 108 per cent growth.

The Board of Directors and the Management of the bank are working assiduously to improve on the performance in the coming year, despite economic challenges facing the country.

Nana Ambrose Linson Arthur, Chairman of the Board of Directors, announced this at the 43rd Annual General Meeting (AGM) of the shareholders of the bank at Agona Nyakrom in the Central region.

The Chairman said the total deposit from customers grew to GHC91. 33 million in 2023 from GHC67.64 million in 2022, a 35 percent increase.

He said the bank’s assets increased from GHC71.4 million in 2022 to GHC100.19 million in 2023, representing 40 percent growth over last year’s performance.

” Our total investments increased from GHC18. 62 million in 2022 to GHC21.09 million in 2023, representing 13 percent growth over the period ” the Board Chairman announ

Nana Linson Arthur said the net loans and advances granted to customers grew from GHC40.44 million in 2022 to GHC59.86 million in 2023, a 48 percent growth.

According to Nana Linson Arthur, the growth in loans was as a result of expansion in the bank’s Women in Development (WID) Cocoa and fish programmes which was started three years ago.

He said the bank expanded cocoa farmers loan to 146 groups of about 2,500 farmers in the catchment area, adding that the bank disbursed a total of GHC 10.2 million to maintain their cocoa farms.

Nana Linson Arthur said the bank’s microfinance product had seen significant improvement and by the end of 2023, the bank had about 943 groups of about 8,900 customers, saying the bank was able to disburse more than GHC 50 million and hoped to increase it to GHC70 million in 2024.

Mr Kaedebi Donkor, Chief Executive Officer (CEO) of Nyakrom Rural Bank PLC, underscored the bank’s significant progress in its financial operations and called on market women and business executiv
es in the catchment area to take advantage to access numerous facilities to grow their businesses.

He said the bank had rolled out many products and services to facilitate growth, which included fixed deposit, Susu Account, Susu loans, commercial loans, Quick susu loans and others.

Okofo Katakyi Nyakoh Eku X, Omanhene of Nyakrom Traditional Area, commended the board of Directors and Management of the bank for their hard work and dedicated services that had yielded positive results.

He called on the shareholders of the bank to increase their shares to enable the bank to increase its share capital in order to become one of the best rural banks in the country.

Mr Kweku Kum, the president of the Central Regional chapter of the Association of Rural Banks, praised the board of directors and the management of the bank for their innovative operations that had contributed meaningfully to the significant growth of the financial position of the bank.

He added his voice to calls on shareholders to buy more shares to
help improve and increase share capital of the bank to further enhance its operations.

Source: Ghana News Agency