The 2024 Rural and Community Banking (RCB) ranking category, contained in their Rural Banking Special report conducted by the ARB Apex Bank Plc rated Avenor Rural Bank as ‘Strong,’ indicating that the sector achieved notable progress in financial inclusion, digital transformation, and profitability despite facing challenging macroeconomic conditions.

This was disclosed by Mr Thomas Clarkson Adade, the Bank’s Board Chairman, in a report presented during the Bank’s 42nd Annual General Meeting, which was held on Saturday at Akatsi College of Education.

“During the year under review, the RCBs did well with an accumulated profit of GHC874,3 M. The total assets of the RCBs at the end of 2024 stood at GHC18,513 B and total deposits rose to GHC16,072 B by year end,” he said

Mr Adade said the bank’s financial performance saw remarkable growth in various key performance indicators, despite the challenges that had engulfed the country during the year under study.

He indicated that the bank’s total income in 2024 stood at GHC11,894,274 compared to GHC 9,382,275 in 2023, representing a percentage growth margin of 26.77.
He attributed the rise to the growth in the bank’s investment and loan portfolios as the main contributors.

The bank’s total expenses for the year also saw a rise by 41.06 per cent, with a total of GHC 6,502,990 in 2023, as compared to GHC 9,173,062 in 2024.

Mr Adade, however, revealed that the rise was due to an increase in staff wages and salaries, and the engagement of additional staff coupled with increased inflation, thereby weakening cedi performance.

“This has resulted in high vehicle maintenance and vehicle running expenses, high cost of equipment and logistics, among others despite the prudent cutting measures adopted by the bank,” he said

Highlighting other key positive indicators, Mr Adade mentioned a percentage rise in total assets, gross advances, total investments, and deposits.

He reiterated the bank’s commitment to giving back to society as part of its Corporate Social Responsibility drive, aimed at improving the welfare of institutions and communities within their catchment zones.
He indicated that the Board and Management, among others, would focus their efforts on strategic areas such as providing essential operational tools for effective and efficient results, training and career development of staff, Management, and Directors.

The rest include the provision of competitive and new products to meet the needs of their customers as well as upgrading the Bank’s Sogakope agency to a full branch.
He also remained optimistic that the bank’s ongoing new head office building would be completed before the end of 2026.

Mr Alex Kwasi Awuah, the Managing Director of ARB Apex Bank Plc, in a speech read on his behalf, expressed satisfaction and commendation about the successes chalked by the bank.
He stated that a total of GHC35,750 was spent on community development initiatives by the bank.

“This not only enhances the corporate image of the bank but also demonstrates that Avenor Rural Bank is here to stay and will continue to support the communities,” he said.

Mr Daniel Dagba, the Akatsi South Municipal Chief Executive who witnessed the meeting, commended the bank for its ongoing support of the assembly’s local programmes and events.

“Avenor Rural Bank has helped us celebrate important occasions like Farmers’ Day and World AIDS Day, showing your dedication to our community. Rural banking in Ghana is essential in the fight against poverty,” he said.

Goodwill messages from sister Rural banks and other important tasks were carried out during the engagement that saw several key actors in attendance.