Mponua Rural Bank Achieves Record Profit of GH¢5.4 Million in 2023

Mponua Rural Bank has reported a remarkable profit of GH¢5.4 million for the 2023 financial year, representing a 223.41% increase over the 2022 profit of GH¢1.6 million. This significant growth was driven by substantial increases in income from investments and loans, coupled with stringent cost control measures.

The bank’s stated capital for 2023 stood at GH¢2,467,665, marking a slight increase from the 2022 level of GH¢2,462,145. The bank continues to comply with the Bank of Ghana’s minimum capital requirement of GH¢1 million and encourages shareholders and the public to invest further to bolster its capital base.

Shareholders’ funds saw a notable increase of 58.34%, rising from GH¢8,988,310 in 2022 to GH¢14,232,015 in 2023. This growth was largely attributed to the bank’s impressive net profit.

In recognition of the bank’s outstanding performance, the board has proposed a cash dividend of GH¢0.3616 per share, totaling GH¢541,718.60, which constitutes 10% of the net profit and has been approved by the Bank of Ghana.

At the annual general meeting, Board Chairman Daniel Ohene K. Owusu highlighted a 28.29% increase in total assets, from GH¢64.96 million in 2022 to GH¢83.34 million in 2023. This growth was primarily financed by increases in deposits and shareholders’ funds, which rose by 26.55% and 58.34% respectively.

Investments grew by 31.78% to GH¢45.46 million, and net loans increased by 30.44% to GH¢15.34 million. Deposits showed a persistent upward trend, with a 26.55% growth in 2023. Savings deposits remained the primary source of fund mobilization, contributing 42.10%, followed by Susu deposits at 36.63%.

Mr. Owusu noted that Susu deposits grew by 30.71% over the 2022 level, while current deposits increased by 26.76%. The investment portfolio also saw substantial growth, rising by 31.78% from GH¢34.50 million in 2022 to GH¢45.46 million in 2023.

The bank disbursed total loans and overdrafts amounting to GH¢35.26 million in 2023, an increase of 40.19% over the GH¢25.15 million disbursed in 2022.

Mponua Rural Bank was rated strong throughout all four quarters of 2023 and has been ranked as the number one Rural and Community Bank in Ghana for the first quarter of 2024 by the ARB Apex Bank PLC. This marks the third time the bank has achieved this prestigious ranking.

Additionally, the bank has been admitted into the Ghana Club 100 by the Ghana Investment Promotion Centre. During the recent 21st Edition of the Ghana Club 100 Awards Ceremony, Mponua Rural Bank was ranked 55th among elite companies in Ghana and 3rd in the rural banking sector. These accolades recognize the bank’s unwavering commitment to delivering exceptional quality banking services and achieving its strategic corporate objectives.