Kintampo Rural Bank PLC in the Bono East Region delivered a strong financial performance in the 2024 financial year, driven by increased deposits, growth in the loan portfolio, and strengthened capital buffers. The results indicate sustained operational efficiency and continued customer and shareholder confidence.
Pre-tax profit surged by 193.67 percent to GH¢10.29 million, compared with GH¢3.50 million in 2023. Profit after tax rose 152.43 percent to GH¢6.94 million, from GH¢2.75 million in the previous year. The performance was supported by a 37.20 percent increase in customer deposits, which grew to GH¢107.47 million from GH¢78.33 million in 2023, while the Bank’s investment portfolio expanded by 35.35 percent to GH¢64.90 million.
Loans and advances increased by 34.87 percent to GH¢44.43 million, and shareholders’ equity grew by 43.30 percent to GH¢20.40 million, reflecting improved balance-sheet strength.
Speaking at the Bank’s 39th Annual General Meeting in Kintampo, Board Chairman, Boyd Donkor said the results were achieved despite macroeconomic headwinds, including the IMF-supported debt restructuring programme and inflation, which stood at 23.2 percent in 2024.
He noted that the Bank maintained a Capital Adequacy Ratio of 29.51 percent, well above the 10 percent regulatory minimum. Return on Assets was 5.30 percent, while Return on Equity stood at 34.03 percent.
Following the strong performance, the Board recommended a dividend of GH¢0.08 per share, amounting to GH¢1.79 million, which has received approval from the Bank of Ghana.
Strategic Partnerships
The Bank continued to expand financial access for farmers and small businesses through strategic partnerships. Under the Affordable Agricultural Financing for Resilient Rural Development (AAFORD) project, GH¢4.46 million was disbursed to 566 beneficiaries to support food security and livelihoods. Through the USAID-backed Mobilizing Finance in Agriculture (MFA) initiative, GH¢4.22 million was provided to 596 farmers to boost production.
The Bank also deepened collaboration with the Ghana Commodity Exchange and the Ghana Warehouse Receipt System, enabling farmers to use warehouse receipts as collateral for loans.
Additionally, a partnership with GIZ, supported by the German Federal Ministry for Economic Cooperation and Development (BMZ), enabled the development of a tailored financial product for Micro, Small and Medium Enterprises (MSMEs). The product offers access to credit, simplified payments, and financial advisory support, targeting associations such as the Ghana National Tailors and Dressmakers Association, the Association of Garages, and the National Association of Beauticians and Hairdressers. Under the facility, GH¢520,000 was disbursed to 61 beneficiaries.
Outlook
Chief Executive Officer, Martin Mensah, said the Bank will continue to leverage digital banking solutions rolled out by ARB Apex Bank PLC to enhance customer experience. He said the strategic priorities moving forward include strengthening the balance sheet, improving operational efficiency, and pursuing growth opportunities within the Bank’s operating areas.
“Kintampo Rural Bank remains committed to expanding financial inclusion, supporting entrepreneurship, and contributing to national development,” he added.
Martin Mensah, CEO, Kintampo Rural Bank
