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Kintampo Rural Bank records significant profit and equity growth in 2024

 Kintampo Rural Bank PLC in the Bono East Region delivered strong results for the 2024 financial year, recording growth across all key performance indicators and demonstrating improved operational efficiency and sustained customer and shareholder confidence.

Pre-tax profit rose by 193.67 percent to GH¢10.29 million, compared with GH¢3.50 million in 2023. Profit after tax increased by 152.43 percent to GH¢6.94 million, up from GH¢2.75 million in the previous year.

The Bank’s performance was supported by a 37.20 percent increase in customer deposits, which grew from GH¢78.33 million in 2023 to GH¢107.47 million in 2024, reflecting rising public trust.

Its investment portfolio expanded by 35.35 percent to GH¢64.90 million, up from GH¢47.95 million, while loans and advances increased by 34.87 percent from GH¢32.94 million to GH¢44.43 million. Equity rose by 43.30 percent to GH¢20.40 million, compared to GH¢14.23 million in the prior year.

Presenting the results at the Bank’s 39th Annual General Meeting in Kintampo, Board Chairman Boyd Donkor noted that the Bank achieved these milestones despite a challenging macroeconomic environment, including the IMF-supported debt restructuring and elevated inflation, which ended the year at 23.2 percent.

Kintampo Rural Bank 
Martin Mensah, CEO, Kintampo Rural Bank

Kintampo Rural Bank maintained a Capital Adequacy Ratio of 29.51 percent, well above the regulatory minimum of 10 percent. Return on Assets stood at 5.30 percent and Return on Equity at 34.03 percent, underscoring strong capitalization and sustained earnings capacity. The Board has recommended a dividend of GH¢0.08 per share, totaling GH¢1.79 million, which has received approval from the Bank of Ghana.

The Bank continues to support financial inclusion and agricultural development through strategic partnerships. Under the AAFORD programme, GH¢4.46 million was disbursed to 566 beneficiaries. Additionally, GH¢4.22 million was extended to 596 farmers under the USAID-supported Mobilizing Finance in Agriculture (MFA) project.

The Chief Executive Officer, Martin Mensah, stated that the Bank will leverage ongoing digital innovations through ARB Apex Bank PLC to expand electronic banking channels and enhance customer experience.

He added that the Bank’s strategic focus will be on strengthening its balance sheet, improving operational efficiency, and pursuing growth opportunities within its operational zones, while continuing to promote entrepreneurship and contribute to national development objectives.

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