This profit reflects a re­markable growth of 75 per cent compared to the previous year.

The increase in profit is attributed to a significant rise in the bank’s gross income, which reached GH¢17.92 million in 2023, marking a 47.53 per cent increase from the prior year’s total of GH¢26.58 million.

Speaking at the 19th annual general meeting of sharehold­ers, Board Chairman, Richard Owusu Afriyie, revealed that the bank’s total advances surged from GH¢17.25 million to GH¢25.34 million, representing a growth of 46.85 per cent.

Additionally, deposits grew by 17.47 per cent, increasing from GH¢69.40 million in 2022 to GH¢81.52 million in 2023.

Mr Afriyie also noted that the bank’s assets rose from GH¢77.91 million to GH¢93.06 million, highlighting a robust growth trajectory.

He further mentioned that the bank expanded its short-term investments, which stood at GH¢37.63 million by the end of the 2023 financial year, compared to GH¢26.58 million in 2022.

Despite these positive de­velopments, Mr Afriyie stated that the bank would not pay dividends to shareholders, citing compliance with directives from the Bank of Ghana.

Moreover, he announced that the Board of Directors has proposed the allocation of GH¢500,000 from retained earnings in order to enhance the bank’s stated capital, which cur­rently amounts to GH¢1,545,456.

He indicated that this initia­tive aims to fortify the bank in anticipation of future opportu­nities.

Regarding corporate social responsibility, Mr Afriyie stated that the bank had invested a total of GH¢48,991.50 in various projects.

The projects he highlighted include the Kasei water initiative, the acquisition of furniture and a television for the outpatient department of Atebubu Govern­ment Hospital, and the procure­ment of bags of cement for infrastructural improvements at Yeji Senior High School