Bonzali Rural Bank posts strong 2024 growth

By Samuel SAM

Bonzali Rural Bank PLC (BRB), a leading rural bank in the Northern Region, has reported strong financial results for 2024, highlighting significant growth across key indicators and reinforcing its role in supporting rural economic development.

At the bank’s 14th annual general meeting (AGM) in Kumbungu, BRB announced a profit after tax of GH¢5.6 million, a 77% increase from GH¢3.17 million in 2023. Management attributed the strong performance to branch expansion, stronger internal controls, and ongoing financial inclusion initiatives.

The bank posted improvements across several balance sheet indicators. Deposits increased from GH¢49.87 million to GH¢79.13 million, net loans and advances rose from GH¢19.68 million to GH¢33 million, while total investments grew from GH¢25.44 million to GH¢39.25 million. Shareholders’ funds also increased from GH¢7.68 million to GH¢10.57 million.

Board Chairman, Alhaji Abdul-Hanan Iddrisu Abu, said BRB has transformed from a modest rural bank into a strong financial player in northern Ghana, with profits rising more than twelvefold since 2020. He said the bank continues to prioritise SMEs and agribusiness, supported by partnerships that provide technical assistance for water, sanitation, hygiene and digital finance initiatives.

He noted that BRB’s balance sheet grew by 22% to GH¢78 million, driven by improved deposit mobilisation and prudent lending. Customer confidence also strengthened following anti-fraud measures and tailored products such as the Abii Dahensheli child savings account and Ghana Card–linked mobile banking services.

Northern Regional Minister Ali Adolf John praised the bank for supporting smallholder farmers and rural enterprises, saying rural and community banks are essential for promoting financial inclusion and reducing poverty.

Representing ARB Apex Bank’s Managing Director, the Tamale Branch Manager, Mr Pius Abapol, commended BRB’s sound governance and internal controls, noting that auditors had issued a clean report with no adverse findings. He urged the bank to continue with its planned issuance of 6.4 million ordinary shares and engage shareholders effectively on the benefits.

BRB’s Chief Executive Officer, Dr Augustine Ngmentomo Beakana, said the bank’s growth reflects its long-term investments in expanding access to finance across underserved communities. He added that BRB has opened new branches and continues to provide savings products, loans, remittance services and microfinance support to households, traders and SMEs.

Dr Beakana said the bank is strengthening its community presence through partnerships with MTN, Telecel Ghana, Absa and Advans Savings & Loans to provide digital skills training under the Digital Tools for Economic Growth (DTEG) programme.

The bank also hosted its first customer appreciation event, recognising 20 clients for their contributions to SME growth and digital adoption.

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