Derma Area Rural Bank records steady growth
The Derma Area Rural Bank (DARB) recorded steady growth in 2022, with profit after tax growing by over 300 per cent from GH¢102,744 in 2021 to GH¢445,316 in 2022.
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Total deposits grew from GH¢25.30 million in 2021 to GH¢31.16 million, representing a growth of 23 per cent.
Total assets in 2022 also increased to GH¢34.86 million, up from the GH¢27.26 million recorded in 2021. This represents a growth of 27 per cent.
Loans and Advances also rose from GH¢9.33 million in 2021 to GH¢9.95 million in 2022, registering a 6.64 per cent increase.
Shareholders’ Funds appreciated by 69 per cent from GH¢822,371 in 2021 to GH¢1.39 million in 2022.
According to the Chairman of the Board of Directors, Daniel Anane, at the bank's 36th Annual General Meeting (AGM) held at Derma in the Tano South Municipal area of the Ahafo Region, the success of the bank was despite the challenging macroeconomic environment, coupled with some unprecedented circumstances that pertained during the year under review.
He added that given that, the bank strategised to achieve the above financial feats.
Encouragement
In his keynote address at the meeting, the Tano South Municipal Chief Executive (MCE), Collins Offinam Takyi, commended the Board, Management and Staff of the bank for their dedicated services that had brought the bank thus far, and urged them to keep up the spirit.
The MCE used the occasion to remind the people in the municipality that the Derma Area Rural Bank was an indigenous one and urged them to own it by investing more in it, to make it more viable, sustainable and beneficial to all stakeholders.
The Chief Executive Officer (CEO) of the bank, Gabriel Essandoh, also made a passionate appeal to shareholders and prospective ones to have confidence in the bank, and increase and buy more shares to increase the bank’s share capital with the Bank of Ghana (BoG), to stand the test of time.
The Head of Internal Audit for DARB, Martin Kwaku Awisi, gave the assurance that the bank would continue to do due diligence by adhering to all compliance indicators required by Financial Regulatory bodies like the BoG and ARB Apex Bank.
He explained that this would make Derma Area Rural Bank stronger, safer and more attractive in the coming years, to enable it to compete favourably on both the local and international financial markets
