Consistently outperforming peers, the bank remains the fifth-ranked rural financial institution

The Bawjiase Area Rural Bank, located within the Awutu-Senya East District, announced a profit before tax of GH₵1,948,328 for 2018, an increase of 4.5 percent over the GH₵1,865,134 reported in 2017. The institution also saw its total asset base expand by 11.92 percent, climbing from GH₵35,779,035 in 2017 to GH₵40,043,107 by the end of 2018. Mr. Samuel Dodd, the Chairman of the Board of Directors, shared these figures during the bank’s 29th Annual General Meeting (AGM) held at Awutu Bawjiase in the Central Region.

He highlighted that the bank currently holds the number five position among the 144 Rural and Community Banks (RCBs) in Ghana, according to the ARB APEX Bank’s Quarterly Efficiency Monitoring Unit report as of March 2019. Mr. Dodd further stated that total customer deposits surged to GH₵27,973,541 in 2018 from GH₵24,936,687 the year prior, marking a 12 percent growth rate. Additionally, the Board Chairman noted that the total loans and advances provided to clients in 2018 reached GH₵43,280,712, compared to the GH₵38,264,950 issued during 2017.

The bank’s total operational revenue also witnessed an upward trend, rising from GH₵7,317,601 in 2017 to GH₵7,964,532, which represents an 8.8 percent improvement. To further strengthen the bank’s capital position, Mr. Dodd mentioned that the Board has recommended transferring GH₵100,000 to the stated capital for distribution as bonus shares to shareholders. This is in addition to a proposed dividend payment of GH₵400,000, which reflects an 11 percent increase over the GH₵360,000 dividend distributed for the 2017 financial year.

Mr. Dodd reassured investors of the bank’s robust and resilient nature, confirming that it has satisfied all Bank of Ghana (BOG) regulatory requirements and remains one of the strongest RCBs nationwide. Also addressing the meeting, Mr. Curtis W. Brantuo, Head of Legal and Compliance at ARB Apex Bank, announced that the Apex Bank has obtained an $8 million grant from the World Bank. This funding is intended to launch the ARB Apex Bank Agency banking module and enhance the supervision of Rural and Community Bank operations.

He explained that this Agency banking initiative aims to recruit over 1,000 agents across the country, providing numerous benefits by allowing customers to access various banking services without visiting physical branches. Mr. Brantuo emphasized that this agency model is expected to bring modern banking convenience and a greater sense of inclusion to millions of RCB customers, ultimately enhancing their economic well-being and financial opportunities.