Collins Sefa Asokore Mampong Rural Bank PLC has posted strong financial results for 2024, recording significant growth across key performance indicators and solidifying its position as one of the fast-rising rural banks in the Ashanti Region.
The bank’s profit before tax surged to GH¢1.62 million, up from GH¢629,014 in 2023—representing an impressive 157% growth. This performance boosted shareholders’ funds by 85%, rising from GH¢1.86 million to GH¢3.45 million.
The Board of Directors commended management and staff for the remarkable profit growth, describing the results as evidence of improved operational efficiency and prudent cost management.
Strong Balance Sheet Growth
Total assets increased from GH¢30.75 million in 2023 to GH¢50.78 million in 2024, representing 65% growth. Deposits also rose sharply by 58% to reach GH¢44.34 million, while investments grew by 63% to GH¢26.06 million.
However, due to the uncertainty associated with the 2024 election year, the bank adopted a cautious lending approach, resulting in a marginal 7% decline in its loan portfolio.
Management expects a more favourable macroeconomic environment in 2025, creating room for increased lending to micro, small and medium-scale enterprises.
AGM Announcements and Economic Context
Vice Chairman of the Board, Sefa Dankwa, announced the results at the Bank’s 4th Annual General Meeting held at the Asokore Mampong Chief’s Palace.
He noted that despite macroeconomic volatility in 2024—including cedi depreciation and fluctuating interest rates—the bank delivered a strong operational performance.
Treasury bill rates declined during the period, with the 91-day T-bill falling from 29.39% to 27.73%, and the 182-day bill dropping from 31.70% to 28.43%. Average lending rates also eased to 30.25% by year-end.
CSR Contributions
The bank spent GH¢46,489 on corporate social responsibility projects, supporting traditional councils, schools, health facilities, security agencies, and Farmers’ Day activities.
Commendations from ARB Apex Bank
The Kumasi Manager of ARB Apex Bank, Leonard Maasang, speaking on behalf of the Managing Director, praised the bank’s disciplined management and strong financial results.
He encouraged the bank to deepen its adoption of digital tools such as agency banking, GhanaPay and mobile platforms to expand outreach and improve efficiency.
Future Strategy
Chief Executive Officer Francis Nantwi said the bank is entering a pivotal growth phase as it approaches its fifth year of operations.
He highlighted plans to improve operational efficiency, strengthen digitalisation, enhance staff capacity, and expand lending to productive sectors.
“We are determined to build investor confidence through transparency, prudent risk management and consistent performance,” he said. “Our goal is to position Asokore Mampong Rural Bank as a trusted partner in Ghana’s rural financial ecosystem.”
