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Naara Rural Bank PLC records increased profit margins amidst economic challenges

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The Naara Rural Bank PLC in the Upper East region has announced a stellar financial performance during its Annual General Meeting held over the weekend in Navrongo. The bank made a remarkable profit before tax of 1,072,686 cedis, showcasing a substantial increase of 115.7%. The Board Chairman of the bank, Rev. Fr. Joseph Aseyire Tabase, indicated that the commendable achievement comes against the backdrop of high inflation rates and the depreciation of the cedi, illustrating the bank’s resilience and strategic financial management.

He mentioned high fuel prices and the effects of the government’s Domestic Debt Exchange Program (DDEP) among other factors that negatively impacted the bank’s performance. Regardless, Rev. Fr. Tabase said the total assets, deposits, and the bank’s investments have increased tremendously in the year 2022 as compared to 2021.

“Total assets grew by 27.84% from GH¢ 44,413,120 recorded in 2021 to GH$ 56,778,398 in 2022. Deposits grew from GH¢ 52,641,967 in 2021 to GH¢ 63,388,085, representing an increase of 20.4% in 2022. On the other hand, the Bank Investments increased from GH¢ 20,721,000 to GH¢ 23,475,000, representing a percentage increase of 13.3%, while loans and advances grew from GH¢ 22,423,268 in 2021 to GH¢ 31,606,390, representing an increase of 41% and a 5.8% increase in state Capital that soared from GH¢ 2,036,117 to GH¢ 2,153,907 in the year under review.”

The bank’s leadership emphasized their commitment to navigating the challenges successfully by improving customer service, capacity building of staff, intensifying efforts on deposits, and share capital mobilization, among other initiatives.

The Board Chairman of the Naara Rural Bank PLC disclosed that the bank spent GH¢ 23,730 as part of its corporate social responsibility in the areas of education, health, agriculture, and social activities.

The Annual General Meeting provided a platform for stakeholders to receive a comprehensive overview of Naara Rural Bank PLC’s financial performance and strategic initiatives for the past fiscal year. The guest of honor, Curtis William Bratuo (Esq), Deputy Managing Director of ARB Apex Bank, said his outfit is excited about the progress Naara Rural Bank PLC is making.

“ARB Apex Bank is happy that the shareholders increased their subscription by 5.78 percent from GHS2.04 million in 2021 to GHS2.15 million in 2022. It is obvious that the capital expansion program has enabled the bank to grow its interest-earning assets. We urge members of the Naara community, both home and abroad, to subscribe to more shares in the bank to help it support more businesses in Paga and the surrounding communities.”

As the fortunes of the Naara Rural Bank PLC improve, Lawyer Bratuo urged the bank to also increase its support to corporate social responsibility programs. Some customers of the bank were honored for their loyalty and contribution to the growth of the bank.

Source: A1Radioonline.com | 101.1Mhz | Joshua Asaah | Navrongo | Ghana

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