Bawjiase Area Rural Bank PLC is scaling new heights in its daily operations.

BAWJIASE (C/R). The Bawjiase Area Rural Bank PLC achieved a net profit exceeding GH₵1.6 million for the 2021 fiscal year, marking a 16% increase from the GH₵1.4 million earned in 2020. This financial milestone was shared by Mr. Kwaku Bonsu, Chairman of the Board of Directors, during the bank’s 31st Annual General Meeting (AGM) held at Bawjiase in the Awutu Senya West District.

Addressing shareholders, Mr. Bonsu noted that while the COVID-19 pandemic created significant hurdles for management’s recovery efforts over the past two years, the bank remained resilient. A key highlight of the year was the recovery of impaired investments, which successfully bolstered the stakeholders’ fund to GH₵9.06 million, up significantly from GH₵5.47 million in the previous year.

The bank’s deposit base also saw a robust expansion, climbing from GH₵40.6 million to GH₵48.5 million, a growth of 19.47%. Mr. Bonsu emphasized that aggressive deposit mobilization continues to be a primary engine for the bank’s success. Furthermore, credit support to the community surged, with GH₵68 million disbursed in loans and advances a 37.11% rise over the GH₵49.6 million issued in 2020.

Beyond financial metrics, the bank remained committed to social impact, allocating GH₵12.8 million toward corporate social responsibility. These funds supported educational initiatives and Farmers’ Day celebrations, strengthening the bond between the institution and its local catchment area.

To further navigate the post-pandemic landscape, the Chairman highlighted new strategic initiatives. This includes the adoption of the Code Element Deduction system via the Controller and Accountant General’s Department, allowing non-account holders to access credit facilities.

”Moving forward, we are reviving our Susu Savings operations to further drive deposit mobilization,” Mr. Bonsu stated. He concluded by expressing confidence that with continued shareholder support and sound policy execution, the bank is well-positioned to meet its long-term objectives.