The Bank also posted GHc1,003,960.00 before tax in 2021 and GHc85,117.00 in 2020 with a percentage change of 1,079.51%.

Board Chairman of the bank Professor Cosmas Cobbold announced this in a report at the 24th Annual General Meeting (AGM) of shareholders at Tikobo No.1 in the Jomoro Municipality of the Western Region.

Total deposits soared from GHc31,195,043.00 in 2020 to GHc37,462.460.00 in 2021 posting a percentage change of 20.09%.

Shareholders fund also increased from GHc1,964,847.00 to GHc2,808,041.00 with a percentage change of GHc42.95%.

He said investments also boomed from GHc18,435,481.00 to GHc23,693,381.00 with a percentage change of 20.52.

Total Income rose from GHc5,143,369.00 to GHc7,799,340.00 representing 51.64% whiles total expenditure increased from GHc5,058,253.00 to GHc6,795,379.00 with 34.34 percentage change.

On why Directors of the Bank did not recommend payment of dividends to shareholders for the year ending 31st December 2021, Prof. Cobbold said "the Bank of Ghana had directed all banks and SDI's to desist from *declaring* or paying dividends or distributing reserves to customers and from making any irrevocable commitments regarding the declaration or payment of dividends to shareholders until further notice".

The Board Chairman said part of Central banks notice was to further ensure that banks were better able to support their customers throughout the COVID-19 pandemic to absorb any potential operational losses due to the COVID-19 pandemic.

Prof. Cobbold said "pursuant to the directive, coupled with the prevalence of COVID-19, compounded by the Ukraine and Russia conflict, the directors did not recommend payment of dividends for the year ending 31st December,2021.

On the change of name from Jomoro Rural Bank Limited to Jomoro Rural Bank Public Limited Company, he said section 7 of the Companies Act,2019(Act 922) mandated a company limited by shares with more than 50 shareholders as a public company which shall have the words Public Limited Company (PLC) at the end of its name as the Bank had 5,588 as at December 31,2021.

On corporate social responsibility, he said the Bank gave back to society, GHc76,572.00 being a portion of its profit for the years 2020 and 2021.

Touching on the outlook for 2022 and beyond, he said "the passage of the E-Levy Act, rising inflation, rising fuel prices, exchange rate depreciation and developments in Ukraine are expected to impact the Ghanaian economy in the short to medium term.

Prof.Cobbold however said, despite the developments, business activities were expected to rebound fully with the reopening of the borders and rolling out of COVID-19 vaccines coupled with the resolve of the Board and Management to deliver greater value for their shareholders in the year ahead.

The Managing Director of ARB Apex Bank, whose speech was read on his behal by Mr. Jonathan Eshun, lauded the General Manager of the bank, Mr.Adormah Mawunyo and Directors for the impressive performance and called on other sister banks to emulate the enviable feat.

He called for a reduction of 10% in investments to expand capital.

Mr.Eshun said the ARB Apex Bank would continue to assist the rural bank to ensure a better rural banking environment.

He called for the moratorium for the payment of dividends to shareholders to be lifted for shareholders to enjoy dividends.

Mr.Samuel Alex Bervel on behalf of Directors of the Bank announced Total Assets of the Bank in 2021 as GHc41,265,970 against GHc34,043,109 in 2020.

He said the Bank has put in place strategies to meet the Financial Reporting Guidelines on Bank's financial statement ending December 31,2021.