The Nandom Rural Bank (NRB) continues to strengthen its financial position, recording a 19.69% increase in Profit Before Tax (PBT) for 2023.
The bank’s PBT rose from GH₵1.34 million in 2022 to GH₵1.6 million in 2023.
This achievement was highlighted at the bank’s 42nd Annual General Meeting (AGM), held on December 14, 2024, by the Board Chairman, Lawyer Fremino Aasoyir Esq.
Deposits
The bank’s deposits grew by 22.11%, reaching GH₵37.35 million in 2023 compared to GH₵30.59 million in 2022.
Over 2,452 new clients joined the bank in 2023, up from 1,687 in the previous year.
Loans and advances
The bank’s loan portfolio expanded significantly by 48.94%, increasing from GH₵7.69 million in 2022 to GH₵11.45 million in 2023.
Recoveries stood at an impressive GH₵14.32 million, representing a recovery rate of 94.8%. Non-performing loans were maintained at a low rate of 3.58%.
Investments
The bank’s investment portfolio saw a 13.05% growth, rising from 23.85% in 2022 to 26.96% in 2023, with idle funds prudently invested to maximize returns.
Total assets
NRB recorded a 16.45% growth in total assets, which increased from GH₵40.24 million in 2022 to GH₵48.16 million in 2023.
The majority of the bank’s assets—over 80%—are categorized as earning assets.
Expansion plans and digital banking
The Board Chairman announced plans to expand operations into the Wa West District, with a new branch in Wechiau and a Mobilization Centre in Nyoli set to open by March 2025. Additionally, NRB is advancing its digital banking platform to enhance customer convenience, introducing services like mobile banking, agency banking, and internet banking.
“Our digital banking platform will allow customers to perform transactions such as money transfers, balance inquiries, airtime purchases, and bill payments without needing to visit the bank premises,” stated Mr. Aasoyir.
Corporate social responsibility and collaborations
In 2023, the bank donated GH₵38,858 to support health, education, agriculture, sanitation, and traditional festivals. Additionally, in collaboration with SNV Netherlands Development Organization, NRB disbursed over GH₵1 million to individuals and SMEs through the “Health Future for All” project to support water, sanitation, and hygiene initiatives.
Governance and strategic direction
The bank operates under a seven-member Board of Directors, with six members currently approved by the Bank of Ghana (BoG).
A new four-year strategic plan (2024–2027) has been developed to bolster the bank’s competitiveness in the financial sector.
With these achievements and plans, the Nandom Rural Bank is positioning itself as a resilient and innovative institution, ensuring long-term sustainability and continued contributions to economic growth in the Upper West Region.
From MOHAMMED ABDULAI – Nandom, Upper West Region
