Advertisement
Advertisement
Ghana News

Nyakrom Rural Bank Records Significant Growth in 2022: Appoints Mad. Mary Addo to Board of Directors

Advertisement

Nyakrom Rural Bank, the first rural bank in Ghana, has reported impressive growth in its operations for the year 2022. The bank has recorded a total income of GH 18,370,209 Cedis, a significant increase of 47% from the previous year. This growth is attributed to the bank’s focus on improving customer service, expanding its product range and investing in technology to enhance its operations.

The bank’s operating expenses for the year stood at GH 17,319,027 Cedis, while its gross profit before tax was GH 1,030,376 Cedis, compared to GH 286,018 Cedis in the previous year. The bank also saw an increase in deposits from customers, which rose from GH 47,737,950 Cedis to GH 67,646,748 Cedis, reflecting the bank’s growing reputation as a trusted financial institution.

Advertisement

In addition, Nyakrom Rural Bank’s total assets increased from GH 50,349,527 Cedis to GH 71,400,226 Cedis, while its total investment increased from GH 13,677,445 Cedis to GH 18,629,962 Cedis. This growth is attributed to the bank’s strategic investment in profitable ventures that have yielded good returns.

The bank’s Net Loans and Advances also increased from GH 26,133,825 Cedis to GH 40,446,198 Cedis, an increase of 55%. The bank is committed to providing affordable credit to its customers, especially farmers in the area. Over 1,600 cocoa farmers in the area received loans totaling GH 10 million Cedis from the bank, which demonstrates its commitment to supporting the growth of agriculture in the region.

At the bank’s 42nd Annual General Meeting held over the weekend at Agona Nyakrom in the Central Region, Mad. Mary Addo, a former staff of the bank, was appointed to the Board of Directors by popular acclamation. Madam Addo is a distinguished accounting and finance professional who has been with the bank since its inception. She received her basic education at Agona Otsenkorang L/A Primary and Middle School before furthering her education at Swedru School of Business, Ghana, and Nigeria. She holds Diploma, Masters and 1st Degree in Accounting and Finance, making her a valuable addition to the bank’s board.

For the most part, Nyakrom Rural Bank’s growth trajectory is impressive, and it has positioned itself as a leader in the rural banking industry. The bank’s commitment to customer satisfaction, prudent financial management, and investment in technology and profitable ventures has paid off, and it is well on its way to achieving its mission of becoming the most trusted rural bank in Ghana.

Advertisement
Advertisement

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker!