The Manya Krobo Rural Bank PLC in the Eastern region has posted impressive results across key performance indicators for the financial year ended December 31, 2024. This was announced at the bank’s 44th Annual General Meeting (AGM), where the Board Chairman reported that the bank had demonstrated resilience despite prevailing economic challenges.
Reflecting on the year under review, Patrick Amanor Bucknor noted that government’s fiscal consolidation measures and debt restructuring programmes under the IMF-backed economic framework had created both opportunities and challenges. Nonetheless, the bank leveraged prudent strategies to deliver steady growth and protect shareholder value.
Key financial highlights presented at the AGM showed strong gains in profitability, asset growth, deposits, and shareholder funds, underscoring the bank’s sound governance and effective management practices.
Strong Operating Results
detailing the Bank’s overall strong operating results, he said the bank’s net operating income rose by 42% to GH¢41.3 million in 2024, compared with GH¢29.1 million in 2023. Operating expenses also increased by 39% to GH¢34.8 million, reflecting higher staff costs and impairment losses on financial assets. Pre-tax profit surged by 63% to GH¢6.5 million, while profit after tax grew by 43% to GH¢4.0 million.
Total deposits increased significantly by 51% to GH¢227.0 million, while gross loans and advances climbed by 74% to GH¢73.9 million. Total assets rose to GH¢262.9 million in 2024 from GH¢174.9 million in 2023, representing a 50% increase. Shareholders’ funds also improved by 24% to GH¢18.7 million.
Profitability and Shareholder Value
The Board attributed the bank’s strong profitability to prudent risk management, improved credit disbursement, and strengthened customer relationships. Return on Assets (ROA) stood at 1.84% while Return on Equity (ROE) rose to 23.86%, up from 19.83% in 2023.
Reflecting the improved earnings, the Board recommended a dividend of GH¢0.041 per share, double the 2023 payout, translating into a total dividend of GH¢1.53 million. This represents 37.9% of profit after tax and a 116% increase over the previous year’s dividend.
Community Support and Expansion Drive
As part of its corporate social responsibility (CSR) initiatives, the bank invested GH¢367,032 in projects within its catchment area. Beneficiaries included brilliant but needy students, schools, traditional councils, and civil society organizations.
On expansion, the bank successfully relocated its Madina branch and upgraded its Ashalley Botchway Mobilisation Centre to full branch status, with both outlets now contributing positively to profits. Plans are underway to open a new branch at Dawhenya in the Ningo-Prampram District, pending approval from the Bank of Ghana.
Outlook
Looking ahead, the Board expressed confidence in achieving the long-term goals of its 2023–2025 corporate strategy, anchored on business growth, liquidity and solvency, operational efficiency, and profitability. The Chairman assured shareholders that management will continue to rein in controllable costs while pursuing growth opportunities to reinforce the bank’s position as a leading rural financial institution in Ghana.
Shareholders expressed satisfaction with the results and commended management for steering the institution through a difficult economic climate.
In governance matters, shareholders also approved the re-election of two board members who had successfully completed their first term of service. They are Emmanuel Osei Ofosu, a Chartered Accountant, and Edward Nartey Tetteh, a Human Resource Consultant and Lecturer. Both were retained to continue contributing their expertise to the bank’s governance and long-term strategic direction.
The Board reiterated its commitment to building on these achievements by investing in innovation, strengthening stakeholder relations, and ensuring the bank remains a trusted financial partner in the communities it serves.
Closing the session, the Board Chairman assured stakeholders of the bank’s continued dedication to excellence: “We will remain focused on prudent management, innovation, and customer-centered services, so that Manya Krobo Rural Bank not only withstands economic pressures but continues to grow as a pillar of support for our communities.”
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