Kumawuman Rural Bank holds 30th AGM

News & Reports
Kumawuman Rural Bank Plc held its 30th Annual General Meeting at the premises of the Presbyterian Church of Ghana, Sekyere Kumawu on the 19th of October, 2023.  The Bank recorded growth in all financial indicators in the year 2022.
The Bank’s total assets grew from Gh₵160m in 2021 to Gh₵195m in 2022, representing a 21.83% increase.  Similarly, the Bank’s deposit increased from Gh₵147.89m in 2021 to Gh₵192.3 in 2022, representing an increase of 30%. Additionally, the Bank recorded profit before tax of Gh₵ 1.9m in the year under review as against Gh₵1.2m in the previous year, representing 58% growth. However, the Bank made a statutory impairment loss in government securities of over Gh₵10m following the Bank’s participation in the Domestic Debt Exchange Programe (DDEP).

The Chairman of the Board of Directors, Hon. Dr. Alex Adomako- Mensah whose report was read by Dr. Kodua Addai-Mensah, the Vice Chairman of the Board of Directors, explained that in spite of the challenges posed by the government, Kumawuman Rural Bank remained a viable business with significant potentials for further growth and value creation for its shareholders.