15/11/2025
BusinessBanking & FinanceNews
Suma Rural Bank posts 120% profit growth
November 14, 2025
By Edward Adjei FRIMPONG
Suma Rural Bank PLC, headquartered at Suma-Ahenkro in the Jaman North District of the Bono Region, recorded substantial growth across all key performance indicators for the 2024 financial year.
The strong performance was largely attributed to a significant surge in customer deposits, which rose by 102 per cent—from GH¢41.88 million in 2023 to GH¢84.60 million in 2024. The Bank also recorded substantial growth in its investment portfolio, which increased by 158 per cent, moving from GH¢24.07 million to GH¢62.14 million over the same period.
The Bank ended the year with loans and advances amounting to GH¢18 million, representing a 17 per cent increase from the 2023 figure of GH¢15.33 million. Total assets also nearly doubled, rising to GH¢98.89 million from GH¢49.84 million the previous year.
These gains contributed to 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. Consequently, profit after tax saw a significant jump of 120.3 per cent, increasing from GH¢1.55 million to GH¢3.42 million over the same period.
The Board Chairman of Suma Rural Bank, Akwasi Afram, who announced the performance figures at the bank’s 39th Annual General Meeting in Suma-Ahenkro, attributed the gains to strong deposit mobilisation, an improved asset mix, and disciplined cost management. “The decline in market rates supported deposit mobilization and delivered steady returns on our investment portfolio.”
The Bank ended the year with shareholders’ funds of GH¢6.98 million, representing an 88 per cent increase over the GH¢3.70 million recorded in 2023. Its stated capital stood at GH¢1,409,931, while the statutory reserve was GH¢2,049,648.
In line with the 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, which has been approved by the Bank of Ghana. Mr. Afram said, “The bank will work hard and prudently not only to sustain dividend payments in the years ahead, but also to increase earnings per share.”
On corporate social responsibility, Mr. Afram reported that the bank invested GH¢157,739 in community support and donations during the year. The funds were directed mainly toward educational development, including 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.
The Chief Executive Officer of Suma Rural Bank, Kofi Acheampong, in an interview reaffirmed the Bank’s commitment to sustaining its growth trajectory while strengthening support for farmers and local enterprises across its operational areas. He said the Bank’s performance over the past four years reflects disciplined management practices and sustained customer confidence, noting that the institution has improved its financial position, enhanced capital strength and maintained one of the lowest non-performing loan ratios within the rural banking sector.
Mr. Acheampong stated that the Bank’s strategy in the years ahead will focus on consolidating gains through responsible lending, operational efficiency, digital expansion and improved customer service. He indicated that technology, staff capacity development and robust risk management would remain central to its growth plan, with digital platforms such as GhanaPay and USSD banking expected to drive financial inclusion and reduce operating costs.
Touching on agriculture, which remains the backbone of the local economy, the CEO said the Bank has introduced a comprehensive suite of financing products tailored to farmers, including cashew, cocoa and tomato loan facilities. These products, he said, are designed to provide working capital for inputs, farm maintenance, harvesting and marketing. He added that the Bank continues to collaborate with farmer cooperatives and agricultural extension officers to ensure credit is deployed productively.
Mr. Acheampong expressed appreciation to customers, shareholders, staff and regulators for their continued support, adding that “Suma Rural Bank is entering a new phase of growth anchored on innovation, sound governance and community development.”
