Bawjiase Area Rural Bank delivers impressive returns for shareholders.

The Bawjiase Area Rural Bank PLC, based in Awutu Bawjiase within the Central Region’s Awutu Senya West district, achieved significant financial success during the 2022 fiscal period. The institution reported a sturdy Profit Before Tax (PBT) of GH₵3.6 million, a notable climb from the GH₵2.3 million earned in 2021.

Even with the nation’s unstable fiscal and monetary landscape which necessitated an International Monetary Fund (IMF) bailout the bank sustained high growth levels across nearly all performance metrics. Total operating revenue surged by 33.45 percent, rising from GH₵11.5 million the previous year to over GH₵15 million in 2022. Additionally, the bank saw a rise in its stated capital through the issuance of ‘Ordinary Shares’ valued at GH₵49,198.

By the end of the year, total assets reached GH₵80.7 million, up from GH₵66.8 million in 2021, representing a 20.81 percent expansion. Bawjiase Rural Bank PLC also boosted its credit portfolio by increasing loans to clients by 10.1 percent, while customer deposits grew by a healthy 20.7 percent.

Furthermore, the bank’s total equity and reserves climbed to GH₵19.3 million, a 25.35 percent jump from the GH₵15.4 million recorded previously. This growth indicates that the bank is financially stable and well-positioned to withstand potential economic pressures.

This prosperous institution’s momentum is also reflected in its dedication to its shareholders and the communities it serves. The bank allocated GH₵30,000 to various Corporate Social Responsibility (CSR) projects, including the 2022 local Farmer’s Day events and contributions toward regional health and education.

Mr. Kwaku Bonsu, Chairman of the Board of Directors, acknowledged the hardships faced by the financial sector but pointed out that the bank’s results demonstrated strategic brilliance through the constant refinement of its primary operations. “This success highlights our careful oversight of assets and liabilities, which has strengthened our financial foundation and our standing in a competitive market,” he remarked.

During the 32nd Annual General Meeting (AGM) in Awutu Bawjiase, Mr. Bonsu informed investors that this victory was driven by a diverse strategy involving cautious risk management, the introduction of creative products, and a growing client base. He added that the bank’s performance shows it can skillfully navigate market shifts and economic cycles, proving its flexibility and strength.

Based on these 2022 gains, Mr. Bonsu announced that the Board has recommended GH₵501,335 for bonus issues and GH₵601,602 for cash dividends. He clarified, however, that these payouts are contingent upon approval from the Bank of Ghana (BoG). He promised shareholders that the Board remains dedicated to high standards of corporate governance to guide the bank’s future path. “Our goal is to remain fully compliant with the regulatory frameworks and governance directives provided by the authorities,” he noted.

Mr. Alex Kwasi Awuah, Managing Director of ARB Apex Bank PLC, also addressed the AGM, stating that the bank managed to achieve respectable gains despite a difficult year. He highlighted the growth in profitability and assets, noting that the bank’s continued social investments turn community members into “development ambassadors” because of their positive firsthand experiences with the institution.

The ARB Apex leader observed that the Bawjiase and Kasoa zones are thriving hubs for micro, small, and medium enterprises (MSMEs). He encouraged the bank to deepen its reach into these underserved market segments. Additionally, he revealed that the T24 core banking platform used by rural banks has been upgraded to improve the operating environment. “We are committed to providing digital solutions that enhance data convenience for rural banks, particularly through the rollout of mobile, internet, and agency banking services, which are now essential to modern banking in Ghana,” he concluded.