Kintampo Rural Bank achieves remarkable growth with GH₵2.5 million performance proceeds

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Kintampo Rural Bank achieves remarkable growth with GH₵2.5 million performance proceeds: Ghana News

The Kintampo Rural Bank, serving the Bono, , , and Northern regions, has demonstrated substantial growth, reporting performance proceeds of approximately GH₵2.5 million as of the fiscal year ending September 2023.

This marks a significant increase from the GH₵1.7 million total profit before taxation recorded in 2022.

The achievement is attributed to hard work, commitment, and strong contributions from stakeholders, who have supported the bank through the purchase of shares and customer deposits.

Mr. Martin Mensah, Chief Executive Officer (CEO) of the bank, highlighted this remarkable growth during an with the (GNA) in Kintampo, Region. He emphasized the commitment of shareholders to the bank's interests.

Mr. Mensah mentioned that the bank faced operational challenges, including directives from the that temporarily prevented the payment of dividends to shareholders.

However, by implementing sound banking measures, the bank achieved a commendable result within the first nine months of the year, underscoring the trust clients have in the bank's business.

He reported that the bank succeeded in increasing its deposits from GH₵51.8 million at the beginning of the year to GH₵75.5 million as of September, marking a 31 percent enhancement. Furthermore, the bank's total assets increased from GH₵70.5 million in the previous year to GH₵100.490 million, representing a 30 percent growth.

Mr. Mensah also discussed the bank's corporate social responsibility initiatives. He revealed that the bank partnered with under the Mobilizing Finance for Agriculture (MFA) project, focusing on assisting farmers in mango and cashew plantations.

Additionally, the bank initiated the Financing Ghanaian Agriculture Project (FINGAP), mobilizing GH₵6.2 million to support farmers in the cultivation of maize, rice, and soybeans.

Mr. Mensah shared that 345 farmers in the bank's catchment area have benefited from the fund, which aims to promote in the community and the nation as a whole.

He concluded by mentioning the bank's expansion efforts, including the opening of new branches in Damango, in the Region, and in , the Northern regional capital.

Mr. Mensah expressed hope that the bank would soon extend its services to all regions across the country to address the socio-economic needs of the people.

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