Lower Pra Rural Bank increased deposits from GHC 129.6 million in 2020 to GHC 151.1 million in 2021, a 16 percent margin.
Meanwhile, outstanding loan advances under the loan program in 2020 totaled GHC 59.4 million compared to GHC 73.37 in 2021, an increase of 23.52%, the chairman of the board announced. of Directors, Mr. Issac Kwamina Van-Ess.
Mr. Van-Ess, speaking at the Bank’s 34th Annual General Meeting (AGM) in Shama in the Western Region this weekend, explained that the post-COVID-19 pandemic represented the giant leap from to the previous year.
He encouraged defaulting customers to turn over a new leaf, adding that the bank would not hesitate to recover all advances, with some defaulters already on trial.
Regarding profitability, he revealed that the total revenue recorded in 2021 was GHC 44,304,085.20 against total expenses of GHC 42,632,762.52, which translates to a profit before tax of GHC 1,671,322.68. .
Van-Ess said Lower Pra continues to seek prudent investments to maximize shareholder investment.
Cash equivalents as of December 31, 2021 amounted to GHC 61 million compared to GHC 50.1 million in 2020, an increase of 21.76%.
The bank, he said, had declared a dividend of GHC 20.00 per share for 2021, the highest to date in the country.
The chairman of the board said the bank planned to own Kakum Rural Bank Ltd in the coming years to improve its growth and capital base in the central region.
“Our hope is to overcome the operational challenges encountered over the past few years. The bank will undertake limited recruitment to increase its staff to ensure effective loan monitoring and repayment. said Mr. Van-Ess.
Mr. Alex Kwasi Awuah, Managing Director of ARB APEX Bank, said that the strong financial indicators displayed by the Bank showed the strength of the Bank in the rural and community banking sector, “the Bank is well placed to remain a leader in the country”
However, Mr. Awuah warned of the risks that could jeopardize stakeholder funds… “let us be guided by the lessons of the past and avoid the temptation to fall victim to suspicious investment schemes” .
He also urged the Caisses Rurales to strive to comply with all guidelines and regulations.
Mr. Awuah assured the sector players of the Institution’s willingness to help members to fly higher in the financial sector.
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