Despite Industry Headwinds, Anum Rural Bank PLC Posts 21% Growth in Total Operating Income

Anum Rural Bank Demonstrates Resilience Amid Economic Headwinds

Speaking at the bank’s 42nd Annual General Meeting (AGM) held at Anum-Boso in the Eastern Region, Board Chairman Richard Sarbah Eshun highlighted the challenging economic conditions of the past two years. He cited rising fuel prices, high utility tariffs, a 25% corporate tax rate, and the 5% Growth and Sustainability Levy as key factors slowing down businesses. Despite these hurdles, he emphasized that Anum Rural Bank remained resilient.

The AGM, attended by over 200 shareholders, was themed “Anum Rural Bank PLC – A Partner in Progress.”

Reviewing the bank’s financial performance, Mr. Eshun reported a profit before tax of GH¢3.64 million for last year, representing an 8.56% decline from the GH¢3.98 million recorded in 2023. However, net income rose to GH¢22.57 million, up from GH¢20.16 million in the previous year. Additionally, shareholders’ funds grew by 12.97%, moving from GH¢12.90 million in 2023 to GH¢14.58 million in 2024.

Following approval from the Bank of Ghana, the Board Chairman announced a dividend of GH¢0.0095 (0.95 pesewas) per share, totaling GH¢697,394 for the fiscal year ending December 31, 2024.

Highlighting the bank’s community impact, Mr. Eshun noted that GH¢72,261 was invested in corporate social responsibility initiatives, including scholarships, charitable donations, and local development projects aimed at improving living standards. He also praised the bank’s workforce, which currently consists of 99 full-time staff members and 33 Susu collectors.

Delivering remarks as the special guest, Dr. Patrick Tandoh, President of the Eastern Region Association of Rural Banks, commended rural institutions for fostering financial inclusion and empowering local economies. He urged management to continuously invest in employee development:

“We must continue to prioritize training and capacity-building programs to equip our teams with the skills needed to navigate emerging technologies, regulatory changes, and evolving customer expectations,” Dr. Tandoh stated.

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Despite Industry Headwinds, Anum Rural Bank PLC Posts 21% Growth in Total Operating Income