Nyakrom Rural Bank Makes Stride In Operations

The pioneer rural bank in Ghana, Nyakrom Rural Bank has made giant step in its operations, recording a total Income of GH 18,370,209 Cedis in the year under review 2022 as compared to GH 12,516,307 Cedis the previous year, representing an increase of 47%.

With a total Operating Expense of GH 17,319,027 Cedis as compared to GH 12,230,288 Cedis under the same period, the Bank also made a gross profit before tax of GH 1,030,376 Cedis as compared to GH 286,018 Cedis.

Deposit from its customers also increased from GH 47,737,950 Cedis to GH 67,646,748 Cedis under the same period, with its total Assets also increasing from GH 50,349,527 Cedis to GH 71,400,226 Cedis whiles its total Investment also increased from GH 13,677,445 Cedis to GH 18,629,962 Cedis.

This was declared at the 42nd Annual General Meeting of the Bank held over the weekend at Agona Nyakrom in the Central Region.

The Board Chairman of the Board of Directors of the Bank, Nana Ambrose Linson Arthur in his report also disclosed that Net Loans and Advances also increased from GH 26,133,825 Cedis to GH 40,446,198 Cedis, representing an increase of 55%, whiles GH 10million Cedis were disbursed as loans to over 1,600 cocoa farmers in the area.

Later, members and shareholders of the Bank, by popular acclamation appointed a former staff of the Bank, Mad. Mary Addo as a member of the Board of Directors of the Bank.

Madam Addo, who had her basic education at Agona Otsenkorang L/A Primary and Middle School, continued at Swedru School of Business before joining the Bank as one of its pioneer staff.

She again furthered her education both in Ghana and Nigeria and now holds Diploma, Masters and 1st Degree in Accounting and Finance.

By Robert Ayanful