Juaben Rural Bank Plc: 40 years of sustainable banking History
Since its incorporation on October 24, 1984, Juaben Rural Bank Plc has established itself as one of the leading rural banks in Ghana, renowned for its impeccable reputation. Driven by its motto, “Being amongst the best,” the bank strives to realize its vision of becoming the most preferred rural bank in Ghana.
Located in Juaben, Ashanti Region, approximately 30 kilometers from Kumasi, the bank’s head office serves as a hub for its operations. Notably, Juaben Rural Bank Plc was the 93rd rural bank to be established in Ghana and the 18th in the Ashanti Region and was commissioned with an initial share capital of 2,213.98 cedis, the highest in the country at the time.
The bank’s inception was inspired by Dasebre Otuo Siriboe II, The Omanhene of the Juaben Traditional Area, who resolved to establish the bank during the 10th anniversary of his enstoolment. This vision has since grown into a thriving institution, dedicated to serving the community and fostering economic growth.
In 1984, a competent Board of Directors led by Nana Ampem Awuah Darko I, was established to implement practical policies for growth. After his passing in 2005, Mr. Kwabena Asante Krobea Esq. took over, bringing new energy and strategic direction to enhance corporate governance and performance. In 2022, Nana Dr. Appiagyei Danka-Woso I, succeeded him. Three exceptional leaders have chaired the Board, while three Chief Executive Officers have managed the bank’s affairs: Mr. Emmanuel Aboagye (1984-2009), Noble Kwabena Agyei-Poku (2009-2019), and Noble Augustine Awere Damoah (2019-to date). Each has significantly contributed to Juaben Rural Bank’s progress. Financial Performance and Products Beyond its conventional savings and current accounts, Juaben Rural Bank plc has pioneered a range of innovative products designed to cater for the diverse needs of its customers. These innovative offerings have a direct and positive impact on customers’ financial lives. Through creative genius, the bank has introduced ground breaking products such as: Daakye Nti Investment: A tailored investment solution for kids’ education and Cash Collection Services: harmoniously integrated cash collection at event venues whilst modifying existing products to make them more attractive to potential and existing customers at large.
These innovations have impacted positively on the bank’s performance in the last six years. The total assets have experienced a remarkable surge over the past six years, skyrocketing from GHS112,956,693.00 in 2019 to GHS388,681,795.00 as of September 2024, marking a 244% increase. Similarly, total investments have witnessed an unprecedented growth, soaring from GHS47,483,163.00 in 2019 to GHS231,962,066.00, representing a staggering 389% rise. Deposit growth has also seen a dramatic uptick, climbing from GHS92,964,912.00 in 2019 to GHS339,532,239.00 as of September 2024, representing a 265% increase. Furthermore, loans and advances have demonstrated a significant escalation, rising from GHS41,719,476.00 in 2019 to GHS70,874,736.00 as of September 2024, representing a 70% increase.
Investors have also shown significant interest in Juaben Rural Bank plc by investing in the shares of the bank as depicted in the graph below;
Juaben Rural Bank plc has a longstanding policy of consistency when it comes to dividend payments. With the exception of the COVID-19 pandemic years (2019 and 2020), where the bank strategically withheld dividend payments, the bank has consistently distributed dividends to shareholders. In the years 2021, and 2022, the bank paid out dividends of GHS932,929.02, and GHS1,125,053.00 respectively, demonstrating its commitment to rewarding shareholders. The consistent payment of dividends has played a significant role in driving the growth of share capital over the years as seen in the graph above. As the bank has distributed dividends to shareholders, it has attracted more investors, leading to an increase in share capital. This, in turn, has enabled the bank to expand its operations, invest in new opportunities, and further enhance shareholder-value.