Surpassing previous records, Bawjiase Area Rural Bank PLC posted a net profit of GH¢1.6M+ for 2021

For the 2021 financial year, Bawjiase Area Rural Bank PLC realized a net profit exceeding GH₵1.6 million, reflecting a 16% growth compared to the GH₵1.4 million achieved in 2020. This update was provided by Mr. Kwaku Bonsu, the Board Chairman, during the bank’s 31st Annual General Meeting held at its headquarters in the Awutu Senya West District of the Central Region.

Mr. Bonsu acknowledged that the COVID-19 pandemic had presented significant obstacles to the bank’s recovery and growth strategies over the previous two years. However, he highlighted that the recovery of impaired investments during the year under review helped boost the stakeholders’ fund to GH₵9.06 million, a sharp rise from the GH₵5.47 million recorded in 2020.

The bank also saw its total deposits grow from GH₵40.6 million to GH₵48.5 million, a 19.47% increase, proving that deposit mobilization remains a vital pillar of their operations. In terms of credit support, the bank expanded its lending significantly, issuing GH₵68 million in loans and advances a 37.11% surge over the GH₵49.6 million provided the year prior.

In the realm of social impact, the Chairman revealed that GH₵12.8 million was dedicated to corporate social responsibility, specifically targeting educational support and Farmers’ Day celebrations to strengthen community ties. To counter the lingering effects of the pandemic, the bank introduced the Code Element Deduction system, allowing individuals to access loans through the Controller and Accountant General’s Department without necessarily holding a bank account.

”Furthermore, we are in the process of relaunching our Susu Savings operations to further invigorate our deposit-gathering efforts,” Mr. Bonsu remarked. He expressed firm confidence that, with strategic policy implementation and continued backing from shareholders and stakeholders, the bank will successfully reach its future targets.