The Capital Rural Bank PLC in the Bono Region recorded GHC3.36 million profit before tax in 2024, Mr. Martin Kobire, the Chief Executive Officer of the Bank, has said.

Comparatively, he said the figure represented a 223.7 percent increase in the GHC1.04 million recorded in 2023.

He attributed the impressive growth to strong revenue strategies and improved operational efficiency.

Mr. Kobire disclosed this when addressing the 20th Annual General Meeting of the Bank at Abesim, near Sunyani.

He said that the bank’s total operating income rose from GHC8.36 million in 2023 to GHC 13.46 million in 2024.

The bank also recorded a 57.1 percent increase in net interest income within the financial year, jumping from GHC7.38 million to GHC 12.04 million.

Mr. Kobire said the bank had prioritized cost efficiency, with its operating expenses increasing by 34.2 percent, while cost-to-income ratio also improved.

Mrs. Patricia Peprah-Agyemang, the Board Chairperson of the Bank indicated that despite some economic and operational challenges, the bank was thriving, saying and lauded the favorable interest rates offered by the government as well as the excellent capital allocation of the bank.

She said the bank’s total assets in 2024 amounted to GHC68,409,715.00, an increase of 53.79 percent compared to GHC44,483,785.00 in 2023, adding that total deposits also jumped from GHC37,201,598 in 2023 to GHC58,082,563 in 2024.

The bank’s total loans and advances also increased from GHC17,312,415.00 in 2023 to GHC24,223,767.00 in 2024 while its net profit after tax for 2024 stood at GHS2,220,283.00.

Mrs. Peprah-Agyemang said shareholders’ funds grew from GHC4,045,314.00 in 2023 to GHC 6,309,153.00, an increase of 55.96 percent.

She said: “These results are excellent and reflect the hard work of the Bank’s leadership and staff.”

Mrs. Peprah-Agyemang appreciated the values of diligence and innovation demonstrated by the staff of the bank.

Mr. Evans Kelvin Gyau, a Board member of the Bank, said the bank proposed a dividend of GHC300,000 that had been approved by the central bank, saying it would soon establish a fund to support community development projects within its operational areas.

He said in 2024, the bank spent GHC90,310 on community support as compared to GHC 54,896 in 2023.