Avenor Rural Bank ranked 12th, records 237.09 per cent profit before tax

The Avenor Rural Bank Plc in the Volta Region has been ranked 12th out of the 130 Rural and Community Banks (RCBs) in the country, according to the 2023 fourth quarter RCBs performance review report.The report, from ARB Apex Bank Plc, showed that the bank has moved from 'satisfactory' to 'Strong' with profit before tax (PBT) increased by 237.09 per cent during the year under review.Mr Thomas Clarkson Adade, Board Chairman of the Bank, made the disclosure during a report presented at the 41st Annual General Meeting held on Saturday at the Akatsi College of Education.He said the Avenor Rural Bank had achieved impressive financial results in 2023 despite the economic challenges that have engulfed the country.'We achieved remarkable growth in various key performance indicators such as PBT rising to more than GHC 2.87 million in 2023 from GHC 854,147 in 2022.Total income also rose to GHC 9.38 million in 2023 from GHC 4.77 million in 2022, representing 96.57 per cent.Other positive indicators, he said, include the rise in Gross Advances to GHC 13,534,038 in 2023 from GHC 9,804,526 in 2022, representing 38.03 per cent, total investments to GHC11.98 million in 2023 from GHC9.44 million.'Total operating expenses also grew by GHC 2.58 million, representing 65.94 per cent. This increase was as a result of high inflation experienced during the year, but we controlled expenses, ensured efficient resource allocation, and streamlined operations,' he added.Mr Adade said customer deposits as of December 2023 stood at GHC 23.50 million compared to GHC 19.30 in 2022, representing 21.74 per cent.These, he said, were a result of commitment and dedication by the Board, staff, and all stakeholders of the bank.Mr Adade also highlighted several policies and projects that were yet to be executed, with some already undertaken by their outfit.Mr Alex Kwasi Awuah, the Managing Director of ARB APEX Bank, in a speech read on his behalf, indicated that the success chalked reflected the unwavering dedication of directors an d management to delivering value to esteemed shareholders.He added that the continued support of shareholders was crucial for further profit growth.On compliance monitoring, Mr Awuah said implementing a robust compliance monitoring system remained essential to ensure adherence to regulatory requirements and ethical standards.'This involves conducting regular reviews and assessments to identify and address any potential compliance issues.'The Avenor Rural Bank PLC since its inception has been providing several financial products and services to individuals, groups, businesses, and others for financial freedom and growth.Source: Ghana News Agency