ARB Apex Bank PLC is entering a new era of financial growth and resilience, following a strong performance in the 2024 financial year.
The Bank recorded a Profit Before Tax (PBT) of GHS 25.44 million, signaling a decisive turnaround from previous years.
According to Managing Director Mr. Alex Kwasi Awuah, the results place the Bank “on the brink of achieving greater heights” for its shareholders.
Delivering his report at the Bank’s 23rd Annual General Meeting (AGM) held at Ridge Condos in Kumasi, Mr. Awuah attributed the impressive gains to strategic reforms and prudent financial management.
“This should provide our esteemed shareholders with confidence, as we are now positioned for greater achievements,” he stated.
Record-Breaking Asset Growth
Board Chairman Mr. Daniel Ohene Kwaku-Wusu, in his address at the AGM, disclosed that ARB Apex Bank’s total assets saw an unprecedented growth of 83.87%, rising from GHS 1.24 billion in 2023 to GHS 2.28 billion in 2024. This growth dwarfs the 20.4% increase recorded in the previous year, demonstrating a sharp acceleration in the Bank’s expansion.
According to Mr. Kwaku-Wusu, a key driver of this growth was a 73.66% surge in customer deposits, which climbed from GHS 1.22 billion in 2023 to GHS 2.11 billion in 2024. This enabled the Bank to ramp up investments and loan disbursements.
Investments and Lending on the Rise
Backed by robust liquidity, the Bank’s investment portfolio rose by 24.38%, from GHS 510.1 million in 2023 to GHS 634.5 million in 2024.
Loans and advances more than doubled, growing by 104.87% to GHS 121.9 million, up from GHS 59.5 million the previous year.
Shareholders’ Equity Swings to Positive
In a striking reversal, ARB Apex Bank transformed its negative shareholders’ funds of GHS 32.4 million in 2023 to a positive GHS 49.5 million by the end of 2024. This turnaround was driven by an unprecedented Profit After Tax (PAT) of GHS 19.9 million, compared to a net loss of GHS 8.8 million in 2023. The Bank also benefited from a net gain of GHS 53.9 million due to the revaluation of its real estate assets.
Capital Adequacy Improving
The Bank’s Capital Adequacy Ratio (CAR) improved from 2.75% in December 2023 to 6.95% as of December 2024. Although this still falls short of the regulatory threshold of 10%, the Board expressed confidence that the Bank is on track to exceed the minimum requirement in the coming years.
Outlook
Managing Director Mr. Awuah described the Bank’s 2024 performance as exceptional. “This is a testament to the efficacy of the strategies we have implemented over the past three years,” he said, reinforcing the Bank’s commitment to sustained growth and value creation for its stakeholders.
Enock Akonnor is an experienced Ghanaian journalist, based in Kumasi and currently serves as the CEO and Managing Editor of www.leakyghana.com.
With a wealth of expertise built over many years in the media industry, he has earned a solid reputation as one of Ghana’s most sought-after journalists.
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