The Atwima Mponua Rural Bank has recorded a 109 percent increase in deposit mobilisation, leading to an improvement in profit margins.
In 2024, the Bank’s deposits grew GHs255 million from GHs122 million realised in 2023.
This deposit mobilisation contributed significantly to turning losses recorded the previous year into profit.
Board Chairperson of the Atwima Mponua Rural Bank, Constance Phyllis Puttick, indicated “the bank reported a remarkable financial performance posting a profit before tax of GH₵ 14.8 million and a profit after tax of GH₵ 11.6 million.”
This is “against loss of GH₵ 4.8 million in 2023.”
She was speaking at the 41st Annual General Meeting of the Bank.
So far, the Bank’s performance in the present year looks positive with higher possibilities in staying in profitability.
Shareholders’ Funds and Stated Capital
By the close of the 2024 financial year, the shareholders’ funds stood at 7.1 million cedis.
This is an appreciable rise from a deficit of 4.4 million cedis by close of 2023.
The Board of the Bank attributes the gains to effective strategies adopted for the purpose.
Mrs. Puttick indicated preparedness to build on the recent growth to improve shareholders’ funds.
“It is important that the Bank continues to improve the positive outlook that it has begun to show. Therefore, permit me to re-echo our plea to members to take up extra shares to enhance the capital base of the Bank,” she added.
Already, the Bank has realized an improvement in the paid-up capital as at December, 2024 of GH₵1.89 million.
This is a 14.6% increase in the amount recorded in 2023.
But the Bank is appealing to shareholders to invest more to improve the Bank’s capital.
Mrs. Puttick added “the need for additional capital injection cannot be over emphasized.”
Investment
The Bank increased its investment in Government Securities from 37.5 million cedis in 2023 to 97.0 million cedis.
Hence, there is an increase of 59.5 million cedis, representing 158.62%.
According to the Board Chair, “the investment in the Government Securities represents 73.37% (2023:79.16%) of the total non-pledged trading assets.”
“There was an overall net increase of GHS 84.8 million representing 179.08°% of the Bank’s total investment in Government securities and Placement with Discount Houses,” she added.
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