The Odotobri Rural Bank has recorded a remarkable increase in performance indicators, with a 92% rise in profit for 2023.

The 13.6 million cedi profit complements the astounding performance of the banking sector which recorded a profit of 8.3 billion cedis in 2023, from a loss of over six billion cedis in the previous year.

The performance of the rural bank is deemed significant as the board and management make efforts to sustain the growth.

The Chairman of the Board of Directors, Rev. Prince Osei Owusu says “the Domestic Debt Exchange Program and other economic challenges have affected the bank in previous years. As the bank continues to recover and grow, we are adopting all measures to ensure the growth is sustained.”

He made the announcement at the 37th Annual General Meeting of Shareholders at Jacobu in the Ashanti Region.

Based on the performance, an amount of GH¢1,355,369, representing 15% of the profit, has been devoted for the payment of dividends to shareholders. The amount represents GH¢0.0043p dividend-per-share.

Operational Performance

Though the macroeconomic environment remains unfavorable, positives were recorded in the bank’s operational performance.

The increase in profit was mainly affected by the rise in deposits. The deposits recorded a rise of 314 million cedis from 242 million cedis.

Management attributes the rise to the positive work ethics exhibited by the staff, leading to improved customer service.

Investments increased to over 240 million cedis from 177 million cedis, an increase of over 35 percent.

Both advances and total assets improved significantly to 56 million cedis and 357 million cedis respectively.

Corporate Social Responsibilities

In the year under review, the Bank made significant contributions to development projects in its catchment.

An amount of GH¢191,430 was devoted for corporate social responsibility activities in the areas of Education, Health and Security.