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Kaaseman Rural Bank posts strong growth, boosts capital and profitability

 Kaaseman Rural Bank Plc at Sefwi Kaase in the Bia East District of the Western North Region, delivered broad-based growth across key financial indicators in the 2024 financial year, demonstrating resilience amid a challenging domestic and global macroeconomic environment.


Figures presented at the bank’s 37th Annual General Meeting (AGM) showed that total deposits increased by 67.06 percent, rising from GH¢96.24 million in 2023 to GH¢160.79 million in 2024. The growth reflects sustained customer confidence and expanding patronage within the bank’s operational catchment area.

Balance sheet expansion

The bank’s balance sheet recorded significant expansion during the year under review. Total assets climbed by 65.18 percent, increasing from GH¢114.22 million in 2023 to GH¢188.67 million at the close of 2024. Management attributed the growth to higher deposit mobilisation, increased short-term investments and expansion in the loan portfolio.

The loan book grew by 6.47 percent, rising from GH¢47.98 million to GH¢51.08 million — an absolute increase of just over GH¢3.10 million. The bank indicated that the expansion was underpinned by cautious lending policies aimed at supporting local enterprises and agribusiness operators while preserving asset quality.

Short-term investments, one of the bank’s primary income-generating assets, recorded the strongest performance during the year. The portfolio surged by 117.04 percent, more than doubling from GH¢47.06 million to GH¢102.14 million. The growth reflects strategic treasury positioning in a high-interest-rate environment.

Capital strengthening

The bank also reinforced its capital base. Stated capital edged up by 2.22 percent, increasing from GH¢2.93 million to GH¢3 million. Shareholders’ funds expanded significantly by 51.55 percent, rising from GH¢9.36 million to GH¢14.19 million. Total reserves improved markedly to GH¢12.51 million at the end of 2024, compared to GH¢6.42 million the previous year.

Addressing shareholders at the AGM in Sefwi Kaase, Board Chairman Hon. Richard Acheampong said the performance was achieved despite inflationary pressures, currency depreciation and fluctuating interest rates that characterised Ghana’s financial landscape during the period.

Profitability and dividend

Profitability strengthened in tandem with balance-sheet growth. Profit before tax rose by 51.28 percent, from GH¢5.40 million in 2023 to GH¢8.17 million in 2024. On the back of the improved earnings performance, the bank declared a dividend of GH¢600,000 from profit after tax.

“This performance is a clear manifestation of the bank’s growth, financial soundness and commitment to rewarding shareholders for their investment,” Acheampong stated.

Community investment and outlook

Beyond financial metrics, the bank increased its corporate social responsibility spending, committing GH¢116,064 to community-focused initiatives. These included renting a four-bedroom house at Kaase to accommodate personnel of the Ghana Police Service, providing financial support to the Ghana Education Service toward the construction of a three-unit classroom block for Berekum Methodist School, and sponsoring five needy but brilliant students to pursue tertiary education.

Looking ahead, management signalled plans to further strengthen the bank’s capital position, deepen financial inclusion, expand support for agribusiness and integrate environmental, social and governance (ESG) principles into operations. The bank reaffirmed its commitment to advancing rural economic development through tailored financial intermediation, positioning itself to sustain growth in the years ahead.

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