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The Ga Rural Bank posted impressive performance in 2023 in spite of the difficult macroeconomic challenges occasioned by high inflation, energy and food prices.
The bank’s profit after tax rose by 141.45 per cent to GH¢1.9 million in 2023 from GH¢781, 100 in 2022 and total assets increased by 32.96 per cent from GH¢92.33 million in 2022 to GH¢122.80 million in 2023.
Speaking at the bank’s 32nd annual general meeting held last Saturday at Amasaman in the Ga West Municipality, the Chairman of the Board of Directors, Mr Fred Tetteh, attributed the sterling performance to dedication and hard work of staff, management and board of the bank.
As part of the programme, a retiring member of the seven-member board, who offered herself for re-election, Ms Mary
Ayichoe Larmie, was approved for the shareholders to serve for another term, while Mr Moses Mensah Goka, who decided to retire, was replaced by Mr Stephen Odartei Attoh, a retired banking professional.
Mr Tetteh addressing the shareholders said the banks’s total income increased by 34.87 per cent to GH¢24, 702,131 from GH¢18, 316,095 in 2022, and realised a Return on Equity of 95 per cent.
That, he said, was bolstered by net interest income which grew by 33.10 per cent.
The Chief Executive Officer of Ga Rural Bank, Mr Peter Allotey Acquaye, indicated that the bank stuck to its strategy of enhancing profit and positioning itself to capitalise on market opportunities.
He said the profit performance of the bank “reflects the strong underlying performance of our business through credit discipline and robust balance sheet management.”
He further mentioned that the bank recorded 32.96 per cent increase in total assets from GH¢92, 331,306 recorded in 2022 to GH¢122, 796,657 at the end of 2023.
“This was as a result of substantial increase in customer deposits from GH¢89,206,946 to GH¢116,621,617 representing 30.73 per cent growth anchored by intensifying customer self-assurance and the deposit mobilisation strategies,” Mr Acquaye stated.
The Managing Director of ARB Apex Bank, Mr Alex Kwasi Awuah, in a speech read on his behalf by the Greater Accra
Regional Manager, Mr Reuben Adamtey, commended Ga Rural Bank for its sterling performance.
He outlined that the significant growth in profit before tax of Ga Rural Bank in 2023 placed it the top tier banks in respect of profitability.
