ASOKORE RURAL BANK MAKES HISTORY WITH RECORD GH¢ 2.78M PROFIT AT 38TH AGM

choicenewsonlineSeptember 4, 2025

947

Asokore Rural Bank PLC has achieved a historic milestone, recording its highest-ever profit since its establishment. The Bank posted a profit after tax of GH¢ 2,780,831.00 for the 2024 financial year, representing an extraordinary 180.16 percent growth compared to the GH¢ 992,604.00 reported in 2023. This remarkable performance was officially announced at the Bank’s 38th Annual General Meeting (AGM), held at the Asokore Methodist Church in the Sekyere East District of the Ashanti Region.

Board Chairman Mr. Agyabeng Owusu, presenting the annual report, praised management, staff, and stakeholders for their dedication to innovation and financial discipline, which were instrumental in driving the Bank’s success. He attributed the historic growth to prudent financial management, strategic reforms, improved investment returns, and interest on loans. “These results place your Bank on the brink of achieving greater heights for its shareholders. We are firmly positioned to sustain this success, deliver more value, and expand our reach,” he said.

The Bank’s impressive profit was matched by growth in its capital base. Stated capital rose by 16.59 percent, from GH¢ 1,893,811.00 in 2023 to GH¢ 2,208,008.00 in 2024. Mr. Owusu emphasized the importance of capital strength in securing the future of any financial institution, urging both existing and prospective shareholders to invest further in the Bank’s shares to enhance stability and support expansion.

Asokore Rural Bank’s total assets also recorded a significant surge, increasing from GH¢ 84,742,441.00 in 2023 to GH¢ 139,809,342.00 in 2024, representing a 64.98 percent rise. Shareholders’ funds almost doubled, climbing from GH¢ 3,190,249.00 in 2023 to GH¢ 6,275,997.00 in 2024, a growth of 96.72 percent. These figures highlight the Bank’s financial strength and its reputation as a dependable financial partner for customers and investors alike.

Beyond strong financial performance, the Bank continues to demonstrate its commitment to community development through Corporate Social Responsibility (CSR) initiatives. At the AGM, Mr. Owusu announced the official handover of the Asokore Social Centre to the Asokore Traditional Council. Constructed and financed by the Bank in 2017, the Centre serves as a hub for cultural, social, and community events. “This project reflects our enduring dedication to the welfare and development of the people we serve,” he noted.

Looking ahead, Mr. Owusu assured shareholders that Asokore Rural Bank is prepared for a future of continued growth and innovation. He pledged that management will sustain its growth trajectory by focusing on cost control, revenue maximization, and improving asset quality through strict loan monitoring and recovery strategies. The Bank also plans to remain customer-centric, providing responsive products and services to meet the evolving needs of its clients.

The Chairman stressed that Asokore Rural Bank is evolving into a stronger financial institution with a reputation for operational excellence, transparency, and innovation. He called on stakeholders to continue their support, promising that the Bank would maintain its vision of contributing to the socio-economic development of Asokore, the Sekyere East District, and beyond.

The 38th Annual General Meeting of Asokore Rural Bank PLC celebrated not only record-breaking profits but also the Bank’s long-standing commitment to community development and financial inclusion. With a solid capital base, growing assets, and a renewed focus on customer satisfaction, Asokore Rural Bank has positioned itself as a leader in rural banking in the Ashanti Region, inspiring confidence that greater achievements lie ahead.