ARB Apex Bank Plc has emerged from a period of financial instability to achieve a remarkable turnaround in its 2024 financial year, posting impressive growth across key performance indicators. The bank’s Profit Before Tax (PBT) reached GHS 25.44 million, a significant improvement compared to previous years and a clear indication of its renewed financial strength. This positive performance is attributed to the successful implementation of strategic reforms and diligent financial management, positioning the bank for continued growth and enhanced returns for its shareholders. Managing Director, Mr. Alex Kwasi Awuah, expressed confidence in the bank’s future trajectory, emphasizing the positive momentum achieved and the potential for greater accomplishments.
The bank’s total assets experienced an unprecedented surge, growing by 83.87% to reach GHS 2.28 billion in 2024, up from GHS 1.24 billion in 2023. This remarkable growth significantly surpassed the 20.4% increase recorded in the preceding year, showcasing the accelerated pace of the bank’s expansion. A major contributing factor to this asset growth was the substantial increase in customer deposits, which rose by 73.66% to GHS 2.11 billion in 2024. This influx of deposits provided the bank with the necessary liquidity to bolster its investments and expand its loan portfolio, furthering its contribution to economic activity.
ARB Apex Bank leveraged its enhanced liquidity position to strengthen its investment portfolio, which grew by 24.38% to GHS 634.5 million in 2024. Furthermore, the bank significantly increased its lending activities, with loans and advances more than doubling to GHS 121.9 million, a 104.87% increase from the previous year’s GHS 59.5 million. This expansion in lending demonstrates the bank’s commitment to supporting businesses and individuals, stimulating economic growth, and contributing to the overall financial health of its operating environment.
One of the most significant achievements of ARB Apex Bank in 2024 was the remarkable turnaround in its shareholders’ funds. From a negative position of GHS 32.4 million in 2023, the bank achieved a positive shareholders’ fund balance of GHS 49.5 million. This impressive transformation was primarily driven by a record Profit After Tax (PAT) of GHS 19.9 million, compared to a net loss of GHS 8.8 million in the previous year. Additionally, the revaluation of the bank’s real estate assets resulted in a net gain of GHS 53.9 million, further bolstering its financial position and contributing to the positive swing in shareholders’ equity.
While the bank’s Capital Adequacy Ratio (CAR) improved significantly from 2.75% in December 2023 to 6.95% in December 2024, it remains below the regulatory requirement of 10%. However, the board expressed optimism about achieving the required CAR in the near future, citing the ongoing strategic initiatives and positive financial trajectory as key drivers towards meeting this regulatory benchmark. This improvement in CAR, despite being below the regulatory requirement, still signifies progress in strengthening the bank’s financial stability and resilience.
The 2024 financial year marked a turning point for ARB Apex Bank, demonstrating the effectiveness of the strategic measures implemented over the past three years. The bank’s leadership views the exceptional performance as a testament to its commitment to sustainable growth and value creation for all stakeholders. The significant improvements in profitability, asset growth, and shareholders’ equity, coupled with the increased lending activity and the progress made towards achieving the required CAR, underscore the bank’s renewed financial strength and its positive outlook for the future. The bank remains focused on building upon this momentum to deliver continued success and contribute meaningfully to the financial landscape.
