The Bank, he said  recorded a total income of GHS1,149,038 in 2023 as against GHS1,862,907 in 2022, and registered operating expenses of GHS5,253,271 in 2023 and GHS4,395,831 in the previous year.

Mr Aduse Poku addressing the AGM

He noted that an increase of about 30.49 per cent was recorded in the Bank’s deposits from GHS20, 662,056.56 in 2022 to GHS26, 961, 754.00 in 2023 due to improved service delivery, quality marketing in their catchment area, which resulted in growing confidence in the Bank.

The Board Chairman who made these known during the presentation of the audited financial report, at the Bank’s 35th Annual General Meeting (AGM) on Friday at Acherensua in the Ahafo region, attributed the financial institution’s strong fiscal results for the year ended December 31, 2023 to aggressive deposits mobilisation.

Mr Aduse Poku noted that investment in treasury bills and other short term instruments stood at GHS8,243,829.00 in 2023 as against GHS5,491,396.00 in 2022, registering an increase of 50.12 per cent, adding that the Bank’s paid up capital of GHS915,988 in 2022 saw no growth in 2023.

The Board Chairman stated that the Bank’s overall credit position Increased from GHS11,208,209.00 in 2022 to GHS14,213,826.00 in 2023, making 29.11 per cent growth increase saying that we shall continue to advance quality loans to our customers to support their needs.

He indicated that the Bank’s credit quality weakened as Non – Performing Loan (NPL) ratio increased from 26 per cent in 2022 to 34.83 per cent in 2023, due to general repayment challenges on the part of borrowers, reflecting the impact of general macroeconomic challenges encountered in 2023.

Mr Aduse Poku said the bank committed a total of GHS57, 490 to its corporate social responsibility programme in 2023 as against GHS31,349 in 2022, with focus on key areas including education, health, financial inclusion and others in the communities within which the bank operates.

The Board Chairman added that his outfit has kick-started the USSD (mobile) banking which runs on short code *992# with functionalities including balance enquiry, mini statement request, funds transfer, account to wallet transfer, and bill payments among others

The Chief Executive Officer (CEO) of the bank, Mr Atiiso Taata – Denke  urged the public to inject more capital into the Bank to address its capital adequacy challenge adding that “together we can build our bank to the strongest.”

Mr Taata – Denke implored the general public to patronise the shares of the bank to increase its stated capital and to meet any possible increases in the minimum requirements by the Bank of Ghana (BoG).

said  that the performance of the bank, according to available data, was not encouraging since 2016, and that it had improved tremendously, attributing  its outstanding success to hard work and strict compliance to BoG’s corporate governance directives for rural and community banks.

The CEO said the BoG, by its new regulation, requires Rural and Community Banks to have a minimum stated capital of GHS1 million , though the Bank’s current stated capital stands at GHS1,227,168.16, due to minimal net worth.

The Akyempemhene of Acherensua Traditional Council (ATC), Nana Aduse – Poku Konkonko, hailed the hard work of the Directors, Management and Staff of the bank for exhibiting professionalism and perseverance towards the growth of the bank in the mist of challenges.

He entreated the officials of the financial institution to continuously put up their best performance to ensure a sustainable growth of Asutifi Rural Bank PLC to become the best among its peers saying that “together we can make our bank great and strong.”

Mr Aduse Poku addressing the AGM