In his opening remarks, the Chairman announced that Avenor Rural Bank had been ranked 43rd among 127 rural and community banks nationwide by ARB Apex Bank. This classification placed the bank in the “Strong” performance category which underscores bank’s resilience and competitive position within the rural banking sector despite economic headwinds.

The financial report presented at the AGM revealed significant improvements across key performance indicators. The bank’s total income for 2024 increased to GHC 11,894,274.00, up from GHC 9,382,275.00 in 2023, which represents growth of 26.8 percent. Total expenses, however, rose to GHC 9,173,062.00 compared with GHC 6,502,990.00 in 2023 mainly due to higher staff costs, inflationary pressures, and increased operational expenditure. After accounting for these, the bank posted a profit before tax of GHC 2,721,212.00 which reflects its ability to remain profitable in a challenging environment.

The balance sheet of the bank showed solid growth across all key indicators. Total assets increased to GHC 45,831,922.00 driven by strong deposit mobilization, while total customer deposits rose to GHC 32,378,863.00 which reflected growing public confidence in the bank. On the lending front, gross advances amounted to GHC 16,099,350.00 as support to businesses, farmers, and traders in the local economy. The bank also maintained a healthy investment portfolio with total investments reaching GHC 20,610,491.00 that balanced liquidity needs with income generation. Furthermore, shareholders’ funds strengthened to GHC 6,411278.00 which broaden the capital base and reinforcing the bank’s capacity for sustainable growth and resilience.

Beyond its financial performance, Avenor Rural Bank continued to demonstrate commitment to social impact. During the year under review, the bank spent GHC 31,750.00 on corporate social responsibility (CSR) initiatives. These included contributions to education, health, and local celebrations such as Farmers’ Day and World AIDS Day. The Akatsi South Municipal Chief Executive commended the bank for its consistent community support. He emphasized the important role rural banks play in reducing poverty and fostering inclusive growth.

Looking forward, the Chairman outlined several strategic initiatives. The bank plans to upgrade its Sogakope agency into a full branch, invest in staff training and modern operational tools and roll out innovative products to meet evolving customer needs. Furthermore, construction of a new head office building is ongoing and is expected to be completed by 2026. This will provide a stronger base for expanded operations.

The Board Chairman also emphasized the crucial role of technology in modern business and encouraged shareholders and customers to register for the Agency Banking and Apex USSD platforms using the short code *992#. He highlighted the convenience and cost-saving benefits of these electronic money transfer services, which allow for seamless transactions from mobile money wallets. The Chairman urged everyone to take full advantage of these platforms to stay ahead in the digital financial landscape to ensure enhanced convenience and efficiency in their financial dealings.

The Managing Director of ARB Apex Bank, Mr. Alex Kwasi Awuah, through his representative congratulated Avenor Rural Bank for its achievements and encouraged management to sustain its commitment to prudent management practices. The meeting also received goodwill messages from sister rural banks and other stakeholders which shows the institution’s positive reputation in the sector.

In conclusion, the 42nd AGM of Avenor Rural Bank Plc underscored a year of resilience, profitability, and balanced growth. The bank not only recorded strong income and profit before tax but also strengthened its balance sheet, with notable increases in assets, deposits, advances and investments, alongside a steady rise in shareholders’ funds. These outcomes demonstrate the confidence that customers and stakeholders continue to place in the institution. Despite the challenges posed by inflation and rising operational costs, Avenor Rural Bank has shown its ability to remain profitable, support community development and maintain financial stability. With a reinforced capital base, innovative products and strategic investments, the bank is well positioned to consolidate its gains and achieve greater milestones in the years ahead.