Strong Financial Performance and Strategic Growth
Suma Rural Bank PLC, located in Suma-Ahenkro within the Jaman North District of the Bono Region, has demonstrated impressive growth across all key performance indicators for the 2024 financial year. This success was driven by a combination of factors that have strengthened the bank’s position in the rural banking sector.
Record Growth in Deposits and Investments
One of the most notable achievements was a significant increase in customer deposits, which rose by 102 per cent—from GH¢41.88 million in 2023 to GH¢84.60 million in 2024. This surge in deposits played a crucial role in boosting the bank’s overall financial health. Additionally, the investment portfolio saw a remarkable 158 per cent growth, increasing from GH¢24.07 million to GH¢62.14 million over the same period.
The bank also experienced growth in its loan and advance portfolio, reaching GH¢18 million—a 17 per cent increase from the 2023 figure of GH¢15.33 million. Total assets nearly doubled, rising to GH¢98.89 million from GH¢49.84 million the previous year. These figures highlight the bank’s ability to manage its resources effectively while expanding its services.
Improved Operating Income and Profitability
The strong performance translated into a 41.7 per cent rise in operating income, which increased from GH¢11.41 million in 2023 to GH¢16.17 million in 2024. This improvement in revenue led to a significant jump in profit after tax, which rose by 120.3 per cent—from GH¢1.55 million to GH¢3.42 million over the same period.
The Board Chairman of Suma Rural Bank, Akwasi Afram, attributed these gains to strong deposit mobilisation, an improved asset mix, and disciplined cost management. He noted that the decline in market rates supported deposit mobilization and delivered steady returns on the investment portfolio.
Strengthened Capital Position and Dividend Declaration
At the end of the year, the bank’s shareholders’ funds reached GH¢6.98 million, representing an 88 per cent increase over the GH¢3.70 million recorded in 2023. The stated capital stood at GH¢1,409,931, while the statutory reserve was GH¢2,049,648.
In line with its positive performance, the Board of Directors declared a dividend of GH¢0.15 per share, totaling GH¢448,684.50 on 2,991,230 issued shares. This decision has been approved by the Bank of Ghana. Mr. Afram emphasized that the bank will work hard and prudently to sustain dividend payments in the years ahead and increase earnings per share.
Corporate Social Responsibility Initiatives
The bank also invested in community support and donations during the year, allocating GH¢157,739 toward educational development. This included support for a water project at the University of Energy and Natural Resources (UENR) campus at Suma-Ahenkro, as well as assistance to local health facilities.
Future Strategies and Commitment to Innovation
The Chief Executive Officer of Suma Rural Bank, Kofi Acheampong, reaffirmed the bank’s commitment to sustaining its growth trajectory while strengthening support for farmers and local enterprises. He highlighted the importance of disciplined management practices and sustained customer confidence in achieving this goal.
Looking ahead, the bank’s strategy will focus on consolidating gains through responsible lending, operational efficiency, digital expansion, and improved customer service. Technology, staff capacity development, and robust risk management will remain central to its growth plan. Digital platforms such as GhanaPay and USSD banking are expected to drive financial inclusion and reduce operating costs.
Agricultural Support and Collaboration
Agriculture remains a key pillar of the local economy, and the bank has introduced a comprehensive suite of financing products tailored to farmers. These include cashew, cocoa, and tomato loan facilities designed to provide working capital for inputs, farm maintenance, harvesting, and marketing. The bank continues to collaborate with farmer cooperatives and agricultural extension officers to ensure credit is deployed productively.
Mr. Acheampong expressed gratitude to customers, shareholders, staff, and regulators for their continued support. He added that “Suma Rural Bank is entering a new phase of growth anchored on innovation, sound governance, and community development.”