The Abokobi Area Rural Bank Limited posted another impressive performance by recording a net profit of GHS 648,000 in 2022 as against GHS 400,000 in 2021, representing 62 per cent increase.

Total Assets rose from GHS 35,542 in 2021 t0 GHS 40,544 in 2022, making an increase of 14 percent, while investments also jumped from GHS 14,083 in 2021 to GHS 23,456 in 2022.

Naa Odofoley Nortey, Board Chairperson of the bank disclosed this at the bank’s 31st Annual General Meeting at Abokobi in the Ga East municipality of the Greater Accra Region.

She said the business and macroeconomic environment in which the bank operated during the year was challenging and affected the bank’s expected performance.

Naa Nortey said the global economic outlook remained uncertain owing to broad-based and elevated inflation, policy tightening, worsening financing conditions, and lingering spillover effects of geopolitical tensions.

The Board Chairperson said the domestic growth conditions softened in the year under review and was projected to be moderate and remained below potential over the near-term based on the elevated inflation levels.

Naa Nortey urged the shareholders to increase their share values, particularly those with share values less than GHS 100 to strengthen the bank’s equity position.

‘We are optimistic that by leveraging on our strengths, we will continue to meet the expectations of our customers and thereby continue to create value for our dear shareholders’, Naa Nortey said.

She noted that despite the uncertainties in the banking environment the Board and Management will continue to adopt strategies that would enable the bank to stay ahead of the competition among other challenges in the industry, adding that the board was still committed to the five-year strategic plan as the policy direction to direct the growth of the bank.

On the payment of dividend, Naa Nortey said due to the country’s debt restructuring exercise, Bank of Ghana had reiterated the ban on the payment of dividend.

‘However, the Board and Management, recognizing the importance of enhancing and sustaining our shareholders’ value maximization has written to the bank for possible consideration. It is our hope that the request will be granted to enable us to meet your dividend expectations.

‘The fundamentals of our bank remain strong and with a positive economic outlook, a refocus on building a stronger relation with our customers and with a dedicated and motivated staff we look forward to better prospects in 2023,’ Naa Nortey added.

Source: Ghana News Agency