Kaaseman Rural Bank Plc, headquartered at Sefwi Kaase in the Bia East District of Western North Region, recorded broad-based growth across all key financial performance indicators in its 2024 financial year, underscoring resilience amid a challenging domestic and global economic environment.
According to figures presented at the bank’s 37th Annual General Meeting (AGM), total deposits rose by 67.06%, increasing from GH¢96.24 million to GH¢106.79 million. The performance reflected sustained customer loyalty and growing confidence among communities within the bank’s operational catchment area.
The bank’s balance sheet expanded sharply during the period under review. Total assets climbed by 65.18%, rising from GH¢114.22 million in 2023 to GH¢188.67 million at the close of 2024. The growth was driven by increased deposits, higher investments, and growth in the loan portfolio.
Kaaseman Rural Bank’s loan portfolio increased by 6.47%, moving from GH¢47.98 million to GH¢51.08 million, representing an absolute growth of just over GH¢3.10 million. The bank attributed the expansion to cautious lending policies focused on supporting local businesses and agribusiness operators while maintaining asset quality.
Short-term investments, one of the bank’s major income-generating segments, recorded the strongest growth during the year. The portfolio surged by 117.04%, more than doubling from GH¢47.06 million to GH¢102.14 million, reflecting strategic treasury positioning in a high-interest-rate environment.
The bank’s stated capital edged up marginally by 2.22%, increasing from GH¢2.93 million to GH¢3 million. Meanwhile, shareholders’ funds expanded by 51.55%, rising from GH¢9.36 million to GH¢14.19 million, strengthening the institution’s capital base. Total reserves also improved significantly, reaching GH¢12.51 million at the end of 2024 compared with GH¢6.42 million a year earlier.
The Board Chairman, Richard Acheampong, who disclosed the figures at the AGM held at Sefwi Kaase, said the performance was achieved despite persistent macroeconomic headwinds. These included inflationary pressures, currency depreciation, and volatile interest rates, which weighed heavily on Ghana’s financial sector during the year.
Profitability improved alongside balance-sheet growth. Profit before tax increased by 51.28%, rising from GH¢5.40 million in 2023 to GH¢8.17 million in 2024. On the back of the improved earnings, the bank declared a dividend of GH¢600,000 from profit after tax.
“This performance is a clear manifestation of the bank’s growth, financial soundness and commitment to rewarding shareholders for their investment,” Mr. Acheampong said.
Beyond financial performance, the bank increased its corporate social responsibility spending, committing GH¢116,064 to community development initiatives. These included renting a four-bedroom house at Kaase to serve as accommodation for personnel of the Ghana Police Service, a cash donation to the Ghana Education Service toward the construction of a three-unit classroom block for Berekum Methodist School, and financial support for five needy but brilliant students pursuing tertiary education.
Looking ahead, Mr. Acheampong said the bank plans to further strengthen its capital position, deepen financial inclusion, expand support for agribusiness, and integrate environmental, social and governance principles into its operations as it advances rural economic development through tailored financial intermediation.
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