This showed a growth of 38.36 per cent as against a decline in growth of 19.27 per cent recorded in 2021.
This was attributed to the increase in income realised from earning assets in Government of Ghana Treasury Bills and loans and advances during the year under review.
The Board Chairman of the bank, Andrews Ameyaw, who announced this at the bank’s annual general meeting (AGM), said total assets increased by 29.62 per cent to GH¢64.96 million in 2022 generally due to the growth in deposits and shareholders’ funds by 29.86 per cent and 20.01 per cent to the levels of GH¢53.66 million and GH¢8.80 million respectively.
Within the same period in review, savings deposits continued to be the major source of fund mobilisation, with a share of 43 per cent while ‘Susu’ followed with 36 per cent.
Mr Ameyaw also noted that total loans and overdrafts disbursed in 2022 recorded a marginal increase of GH¢0.45 million or 1.81 per cent from GH¢24.70 million in 2021 to GH¢25.15 million.
“This was a result of a drop in agricultural loans, mainly to cocoa farmers, who delayed the repayment of previous loans.
“The only economic sector that showed a decline in funding is agriculture, arising from a delay in repayment of previous loans granted to the cocoa sub-sector. However, agriculture continued to be the largest beneficiary of loans with a share of 47.0 per cent, down from 57.0 per cent in 2021, while transport enjoyed the least of 4.0 per cent with a leap from 2.0 per cent in 2021.
“Lending to the transport sector recorded a remarkable growth of 82.20 per cent enticed by the prompt scheduled repayments,” he added.
Mr Ameyaw said the bank continued to show a strong liquidity position in maintaining public confidence in the safety of their deposits.