Suma Rural Bank reports strong 2024 growth as deposits, assets surge
Suma Rural Bank PLC posted strong financial results for 2024, delivering broad-based growth across all key indicators on the back of robust deposit mobilisation and an improved asset mix.
Customer deposits more than doubled, rising 102% to GH¢84.60 million from GH¢41.88 million a year earlier. The bank’s investment portfolio also expanded sharply, climbing 158% to GH¢62.14 million from GH¢24.07 million. Loans and advances increased 17% to GH¢18 million, while total assets nearly doubled to GH¢98.89 million from GH¢49.84 million.
Stronger revenue flows underpinned a 41.7% rise in operating income to GH¢16.17 million, compared with GH¢11.41 million in 2023. Profit after tax jumped 120.3% to GH¢3.42 million, up from GH¢1.55 million.
Announcing the results at the bank’s 39th annual general meeting, Board Chairman Akwasi Afram said the performance reflected disciplined cost management and strong deposit mobilisation, supported by declining market rates. Shareholders’ funds rose 88% to GH¢6.98 million, while stated capital stood at GH¢1,409,931 and statutory reserves at GH¢2,049,648.
The board declared a dividend of GH¢0.15 per share, amounting to GH¢448,684.50 on 2,991,230 issued shares, following approval by the Bank of Ghana. Mr. Afram said the bank aims to sustain dividend payments and increase earnings per share in the years ahead.
Corporate social responsibility (CSR) spending for the period totalled GH¢157,739, channeled mainly into educational initiatives—including support for a water project at the University of Energy and Natural Resources (UENR) campus at Suma-Ahenkro—and assistance to health facilities.
The Chief Executive Officer, Kofi Acheampong on his part said the bank’s four-year performance momentum reflects disciplined management and strong customer confidence. He alluded to improvements in capital strength and the maintenance of one of the lowest non-performing loan ratios in the rural banking sector.
Mr. Acheampong said the bank will focus on responsible lending, operational efficiency, digital expansion and customer service. Digital channels such as GhanaPay and USSD banking, he noted, will be central to driving financial inclusion and reducing operating costs.
On agriculture, the bank continues to roll out sector-specific credit products, including cashew, cocoa and tomato financing, targeted at working capital needs across input supply, farm maintenance, harvesting and marketing. The bank is also strengthening partnerships with farmer cooperatives and extension services to enhance productive credit use.
The CEO said Suma Rural Bank is “entering a new phase of growth anchored on innovation, sound governance and community development,” while expressing appreciation to customers, shareholders and regulators for their support.
