Maltaaba Community Bank Limited held its 12th Annual General Meeting (AGM) on Saturday, 17th May 2025, at its head office in Bongo in the Upper East Region.
The event marked a significant milestone for the bank, providing a detailed review of its 2024 performance and setting the tone for future growth and community-centered initiatives.
The meeting began with Mr. Duke Awinsure Anabah ESQ, Secretary to the bank, formally reading the notice convening the AGM. This was followed by the presentation of the Directors’ and Chairman’s reports by Mr. Francis Atintono, outlining the bank’s activities and achievements over the past year.
Established as a public limited liability company in May 2003, Maltaaba Community Bank commenced operations on April 23, 2009. The bank operates under the regulatory supervision of ARB Apex Bank Limited and the Bank of Ghana. It forms part of a robust national network, linked with 141 other rural banks and more than 700 branches across Ghana through ARB Apex Bank, enabling it to deliver a wide array of financial services to its customers.
In his report, Chairman Francis Atintono shared that the bank’s balance sheet had expanded by 89% in 2024, reaching GH₵53.5 million. This growth was driven by a 95% increase in deposits—from GH₵24.6 million to GH₵48 million—and a 55% rise in shareholders’ funds, paid-up capital, and retained earnings.
Loans to customers experienced a modest 16% growth due to recent economic challenges, closing the year with a loan portfolio of GH₵6.7 million. However, investment saw a significant leap, growing by GH₵16.2 million to GH₵31.3 million, representing a 107% increase. The bank also recorded a profit before tax of GH₵1.4 million, a remarkable 172% rise, based on gross income of GH₵6.3 million (up 84%) and total expenses of GH₵4.9 million (up 68%).
Despite operational difficulties, Mr. Atintono emphasized that Maltaaba Community Bank had exceeded all key performance targets and was well-positioned for sustained growth. “Assets have almost doubled from GH₵28.2 million to GH₵53.5 million, an 89% growth,” he noted.
The financial statements for the year ending December 31, 2024, were received and adopted by shareholders, reinforcing the bank’s commitment to transparency and sound governance. Additional insights were provided by board members and external auditors.
A key feature of the AGM was the participation of high-profile stakeholders in finance and local governance. Madam Mabel Domppielle, Manageress of ARB Apex Bank, commended the bank’s performance and spoke to broader trends in the rural banking sector. Rev. Joseph Tabase, Upper East Regional Administrator for Rural Banks, emphasized collaboration and the strategic role rural banks play in local development.
Representing the Bongo District Chief Executive, Mr. Mumuni Abdulai of the Environmental Health Unit addressed attendees on the pressing issue of climate change. He called on the bank to introduce a discounted loan facility for constructing resilient household latrines—a move that could significantly improve public health and sanitation. He also reiterated the government’s efforts, under His Excellency John Dramani Mahama, to stabilize the macroeconomy and improve access to lower-interest loans. Mr. Abdulai noted the recent appreciation of the Ghanaian Cedi as a positive economic indicator and encouraged public support for the government’s agenda.
The 12th AGM was officially declared open by Mr. Abdulai, symbolizing the strong collaboration between the bank and local authorities.
The meeting also honored the service of three outgoing board members. Mr. Peter Agaga, who served two terms as board chairman, along with Mr. Giba Abraham and Mr. Akama John, who each served for nine years, were presented with citations recognizing their exceptional service and dedication.
With its head office strategically located in Bongo, Maltaaba Community Bank continues to play a pivotal role in the socioeconomic development of the district and the broader Upper East Region. The discussions and outcomes from the AGM reaffirm the bank’s commitment to offering responsive financial services, promoting sustainable development, and adapting to the evolving needs of the communities it serves.
The proposed introduction of a discounted loan facility for climate-resilient household latrines stands out as an example of the bank’s innovative approach to addressing local challenges through inclusive financial solutions.
