The Kwahu Praso Rural Bank outgoing Board Chairman, Mr Eric Kwakye Darfur revealed that out of the challenges in the operations of the Bank that was characterized during the year 2021, Kwahu Praso Rural Bank has been able to ink a significant performance growth with a 93.82% in profit after tax for the year 2021.
Mr Kwakye Darfour made this statement when he presented his report to shareholders at the 25th Annual General Meeting (AGM) of the Kwahu Praso Rural Bank Limited at Kwahu Praso Presby Church premises, Kwahu Praso.
The bank was able to record a profit after tax of ₵1,051,378 in 2021 as against the 2020 profit after tax of ₵542,438, representing a 93.82% growth.
Total Income recorded went up from ₵5,065,283 in 2020 to ₵7,037,300 in 2021, representing a percentage increase of 38.93%.
Total Deposits also increased from ₵20,957,985 in 2020 to ₵23,169,836 in 2021, representing an increase of 29.15%.
Total Assets also shot up from ₵24,515,417 to ₵28,764,532, a percentage increase of 17.33%.
The Board chairman added that the stated capital of the bank stood at GH₵1,050,000 as compared to the previous year’s figure of GH₵866,793.
He therefore humbly appealed to shareholders to continually purchase more shares to increase their share value in order to insulate the bank from future Bank of Ghana increments in stated capital, as well as capitalizing the bank to embark on expansion projects.
On the future outlook of the bank, Eric Kwakye Darfour said the bank would explore other opportunities for sustainable growth with a focus to sustain its status as a strong bank.
He added that the bank would grow and expand the beneficiaries of cocoa and agric programmes in the communities in which it operates. The Bank would also develop and expand the E-Cash loan products to become a ‘cash cow’ of the bank.
He also mentioned that the bank would develop and deepen its ICT infrastructure to drive growth, improve the bank’s capitalization, enhance employee development and motivation, as well as become committed to customer service delivery.
Speaking to the media after the AGM, Chief Executive Officer (CEO) of Kwahu Praso Rural Bank Limited, Lucy Opoku-Arthur revealed that, in line with the policy to give a portion of profit back to society in the bank’s catchment area, Kwahu Praso Rural Bank donated cash and assorted items to Nkwatia SOS Village, donated 10,000 litre poly-tank to Besease Community, provided two Boreholes for Kwahu Praso communities.
The bank also contributed to the orientation programmes for newly trained teachers in various districts in the bank’s catchment areas and made a significant contribution towards the Farmers’ Day celebration in five Municipalities and District Assemblies in the area. During speech day and sports programmes, the bank goes to the aid of the schools in its catchment area.
The CEO also disclosed that under the board chairmanship of Mr Kwakye Darfour, the Kwahu Praso Rural Bank Limited was still rated 1st and a strong Bank, out of the 144 RCBs during the Quarter 1, 2021 ARB Apex Bank ratings.
Delivering a fraternal message at the AGM, the Managing Director of ARB Apex Bank, Alex Kwasi Awuah, congratulated Kwahu Praso Rural Bank Limited for growing loans and advances by a handsome 57% increase from ₵7.10million in 2020 to ₵11.13million in 2021, saying, this demonstrates that you are truly focusing on your core mandate of rural financial intermediation and inclusion in and around Kwahuman.
The President of the Eastern Regional Chapter of the Association of Rural Banks advised management to invest heavily in training and retraining the staff and board of directors in modern banking technology and operations, in order for them to offer improved services to the bank’s customers.
He congratulated the bank for putting up a good performance in the year under review and urged management to keep up the good work in order to increase the fortunes of the Bank.