Avenor Rural Bank Plc in the Akatsi South Municipality, Volta Region has achieved remarkable financial growth in 2022.

Its profit before tax surged from GHC 266,927 in the prior year to GHC 854,147, marking a substantial 219.99% increase.

Board Chairman, Mr. Thomas Clarkson Adade, conveyed this achievement during the bank's 40th Annual General Meeting held in Akatsi. The robust growth was driven by escalated loans and advances to Small and Medium Enterprises (SMEs) within their operational region, enhancing local business activities.

Mr. Adade attributed the positive outcomes to concurrent rises in total income, gross advances, and total deposits, all contributing to the bank's overall assets improvement. Total deposits reached GHC 19,307,247 in December 2022, up from GHC 16,442,280 in 2021, marking a 17.42% increment, fueled by strategic mobilization efforts.

Notwithstanding the Bank of Ghana's regulatory directive to withhold dividends due to economic challenges and the Domestic Debt Exchange Programme, the Board proposed a dividend of Ghc 0.0060 per share, amounting to GHC 95,961, considering the bank's commendable performance.

The 2022 audited financial report presented during the meeting highlighted a notable 49.03% rise in total income, reaching GH¢4,773,011 from GH¢3,202,770 in 2021. However, there was a 6.52% decline in investment growth, attributed to government securities' volatility.

Mr. Adade emphasized the bank's promising outlook and encouraged shareholders to invest further in the bank's shares for favorable returns. The AGM also addressed achievements, plans including a new head office, corporate social responsibility, director elections, and more.

Gross advances surged by 75.64%, ascending from GH¢5,582,197 in 2021 to GH¢9,804,526 at the year's close, underscoring Avenor Rural Bank's commitment to fostering growth in the region's economy.