Grapevine

Avenor Rural Bank ranked 12th, records 237.09 per cent profit before tax

Akatsi (VR), Aug 19, GNA – The Avenor Rural Bank Plc in the Volta Region has been ranked 12th out of the 130 Rural and Community Banks (RCBs) in the country, according to the 2023 fourth quarter RCBs performance review report.

The report, from ARB Apex Bank Plc, showed that the bank has moved from ‘satisfactory’ to ‘Strong’ with profit before tax (PBT) increased by 237.09 per cent during the year under review.

Mr Thomas Clarkson Adade, Board Chairman of the Bank, made the disclosure during a report presented at the 41st Annual General Meeting held on Saturday at the Akatsi College of Education.

He said the Avenor Rural Bank had achieved impressive financial results in 2023 despite the economic challenges that have engulfed the country.

“We achieved remarkable growth in various key performance indicators such as PBT rising to more than GHC 2.87 million in 2023 from GHC 854,147 in 2022.