By David Amoateng & Alex Ababio
Odotobri Rural Bank PLC has marked a major financial achievement, posting a profit of GH¢9,176,738 for 2023, a significant rise compared to the GH¢3,858,080 reported in 2022. Additionally, profit before tax reached GH¢13,624,874 this year, nearly triple the GH¢4,663,414 recorded in 2022.
At the bank’s 37th Annual General Meeting held in Jacoby, Ashanti Region, Board Chairman His Worship Rev. Prince Osei Owusu highlighted the bank’s impressive growth across several key financial indicators. “Our total deposits, investments, advances, and assets have all shown remarkable growth,” he announced. For 2023, the bank reported total deposits of GH¢314,372,747, investments of GH¢240,450,366, advances totaling GH¢56,840,612, and total assets reaching GH¢357,993,798. “These figures represent a year-over-year growth of 29.49%, 35.48%, 26.11%, and 30.75%, respectively,” he added.
Rev. Owusu noted that, for the first time, the bank’s board of directors recommended a dividend of GH¢0.0043 per share, amounting to GH¢1,355,369 for the year ending December 31, 2023. “We’re grateful to the Bank of Ghana for approving this dividend payment, which reflects our commitment to reward our shareholders,” he said.
Speaking on the bank’s investment strategy, Rev. Owusu emphasized that their investment in Treasury Bills, government bonds, and other short-term securities grew by 35.48% in 2023. He also acknowledged efforts to address the bank’s previously locked-up funds, revealing that GH¢64,689 had been recovered while GH¢4,043,645 in Utrak Financial Management funds was written off, leaving an outstanding balance of GH¢7,511,823.
In a separate address, Chief Executive Officer Mr. Abraham Coffie credited the bank’s profit gains to strong revenue generation and stringent cost control. “Our 2023 profit of GH¢9,176,738 reflects the success of our strategies to optimize revenue while controlling expenditures,” Coffie stated. The CEO also noted a substantial 30.75% growth in total assets, from GH¢273,808,115 in 2022 to GH¢357,993,798 this year.
Coffie also appealed to the government to address liquidity issues affecting rural banks across Ghana, highlighting the importance of government support through liquidity measures and a refined domestic debt exchange program. “With proper assistance, rural banks like ours can thrive and contribute even more to the financial landscape of the country,” he concluded.
The bank’s success was attributed to the hard work of its directors, management, and staff, coupled with growing public trust in the bank’s expanding service areas, especially with the opening of a new branch in Tutuka, Obuasi.
Some shareholders shared their experiences with the bank. Mr. Johnson Boakye Francis, speaking with Ghanaian Watch encouraged customers to make timely repayments on their loans to support the bank’s operations.
“I encourage all customers to make timely repayments on their loans. This will greatly support the bank’s continued operations. By repaying your loan on time, the bank will be able to support you with a larger loan the next time you apply.”
