Nyakrom Rural Bank plc, the first rural bank in Ghana has made a huge stride in gains, with a gross profit of GH 286,018.00 Cedis in the year under review 2021, compared to a gross loss of GH564,829.00 Cedis the previous year 2020, representing about 151% increase.
As its customer deposit also increased from GH34,538,284.00 Cedis to GH47,737,950.00 Cedis in the same period under review, representing 38% growth.
This was revealed by the Board Chairman of the Bank, Lawyer Solomon Quandzie during the 46th Annual General Meeting of the Bank at Agona Nyakrom in the Central Region. According to the Board Chairman, the Bank’s total assets also increased from GH35,759,465.00 Cedis to GH50,349,525.00 Cedis, representing 41%, with its total investments reducing from GH18,573,539.00 Cedis to GH13,677,445.00 Cedis under the same period, representing 26% in reduction.
This, the Board Chairman said was due to redemption to support its loan portfolio. However, the Board Chairman, Lawyer Solomon Quandzie further revealed that the Bank’s Net Loans and overdrafts also grew from GH10,433,085.00 Cedis to GH26,133,825.00 Cedis, representing about 150%.
These stunning performances were attributed to the hard work, dedication, and commitment of the Bank’s new Chief Executive, Mr. Kaedabi Donkor.
In the year under review 2021, the Bank was said to have expanded its loans facility to cover 1,758 cocoa farmers in its catchment area, disbursing GH5.1million Cedis to support activities of the farmers and hopes to cover over 2,500 farmers this year, 2022.
By: Robert Ayanful
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