Nsoatreman Rural Bank holds 33rd annual general meeting

Nsoatreman Rural Bank PLC, based in Nsoatre in the Bono Region, reported steady growth across all financial indicators for the year 2022.

Despite facing operational challenges from a difficult macroeconomic climate, including high inflation, the bank’s total deposits as of December 31, 2022, stood at approximately GH¢40.60 million, reflecting a 21.80 percent increase compared to GH¢33.33 million in 2021.

The bank’s assets grew by 25 percent, rising from GH¢37.11 million in 2021 to GH¢46.57 million in 2022. Additionally, loans and advances saw a slight increase from GH¢11.42 million to GH¢11.55 million.

These results were shared by Board Chairman Kofi Agyeman at the bank’s 33rd annual general meeting held in Nsoatre near Sunyani. He noted that the government’s Domestic Debt Exchange program negatively impacted the bank’s growth rate and profitability.

In 2022, the bank made short-term investments totaling GH¢22.49 million, a 31.90 percent increase over the previous year’s investment of GH¢17.05 million. Agyeman expressed optimism about the bank’s future, predicting favorable returns for both the bank and its depositors.

For the year, the bank achieved a pre-tax profit of GH¢615,405, a slight improvement from the GH¢605,206 earned in 2021. According to the Board Chairman, this modest profit growth was due to asset impairments brought on by “harsh economic conditions.”

Despite the profit, the bank did not propose a dividend for shareholders, adhering to the Bank of Ghana’s directive against dividend payments. However, Nsoatreman Rural Bank’s share capital grew by 15.27 percent, increasing from GH¢1,525,980 to GH¢1,759,000.

Agyeman thanked stakeholders, including the Board, shareholders, management, and staff, for their commitment and contributions to the bank’s success.

Chief Executive Officer Agnes Grimmon-Intsiful, in an interview, mentioned that the bank plans to intensify efforts to mobilize deposits from rural communities within its operational area, aiming to support micro and small businesses for broader economic development.