Asokore Rural Bank PLC has made history by recording its highest-ever profit since its establishment, posting a profit after tax of GH¢ 2,780,831.00 for the 2024 financial year. This represents a remarkable growth of 180.16 percent over the GH¢ 992,604.00 recorded in 2023. The announcement was made during the Bank’s 38th Annual General Meeting held at the Asokore Methodist Church in the Sekyere East District of the Ashanti Region, where shareholders, management, staff, and community members gathered to celebrate the milestone.
Delivering the Board’s report, Chairman Mr. Agyabeng Owusu attributed the Bank’s impressive performance to strategic reforms, prudent financial management, and improved investment returns. He said the remarkable growth demonstrates the Bank’s resilience and determination to achieve sustainable profitability and to deliver greater value to its shareholders. According to him, the Bank is now firmly positioned for continued growth and success, with renewed confidence in its ability to meet the expectations of customers, shareholders, and the community.
The Bank also made significant strides in growing its capital base. Stated capital rose to GH¢ 2,208,008.00 in 2024 from GH¢ 1,893,811.00 in 2023, representing a growth rate of 16.59 percent. Mr. Owusu emphasized that capital remains the foundation of every financial institution and encouraged shareholders and prospective investors to increase their stake in the Bank, assuring them that their support will further strengthen the Bank’s operations and enhance its profitability.
Asokore Rural Bank’s balance sheet showed impressive growth in other key areas, with total assets climbing from GH¢ 84,742,441.00 in 2023 to GH¢ 139,809,342.00 in 2024, a 64.98 percent increase. Shareholders’ funds also recorded a massive leap of 96.72 percent, rising from GH¢ 3,190,249.00 in 2023 to GH¢ 6,275,997.00 in 2024. These figures reflect the Bank’s strong financial standing, growing investor confidence, and commitment to prudent risk management and operational efficiency.
Beyond financial performance, Asokore Rural Bank has remained steadfast in its role as a key partner in community development. At the AGM, Mr. Owusu reaffirmed the Bank’s commitment to Corporate Social Responsibility, highlighting the official handover of the Asokore Social Centre to the Asokore Traditional Council. The Centre, which was constructed and financed by the Bank in 2017, was designed to serve as a hub for cultural and social activities within the community. The Chairman described this gesture as evidence of the Bank’s dedication to improving the lives of its people and contributing to the social development of Asokore and surrounding areas.
Looking to the future, Mr. Owusu assured shareholders that the Bank will continue to focus on innovation, customer satisfaction, and operational excellence. He pledged that management will sustain the current growth trajectory by controlling costs, maximizing revenue, improving asset quality, and aggressively monitoring and recovering loans to reduce non-performing assets. He added that Asokore Rural Bank is committed to offering responsive and customer-centric financial products while maintaining a strong governance structure that guarantees stability and growth.
The 38th Annual General Meeting of Asokore Rural Bank PLC marked a major milestone in the institution’s history. With record-breaking profits, a strengthened capital base, and a renewed focus on customer service and community development, the Bank has positioned itself as one of the most promising rural banks in the Ashanti Region. Stakeholders left the meeting with renewed confidence that Asokore Rural Bank is poised for even greater achievements in the years to come.
By: Alex Nti, Despite Media
