UE/R: MALTAABA COMMUNITY BANK HOLDS SUCCESSFUL 12TH ANNUAL GENERAL MEETING

BY: ATUIMAH VALERIOUS

Maltaaba Community Bank Limited convened its 12^th Annual General Meeting (AGM)  at its head office in Bongo, Upper East Region. Marking a significant milestone for the financial institution. The well-attended meeting provided a comprehensive overview of the bank’s performance in the year 2024, while also outlining future strategies and a commitment to community development.

The proceedings commenced with Mr. Duke Awinsure Anabah ESQ, the bank’s Secretary, reading the notice convening the meeting. This was followed by the presentation of the Directors’ and Chairman’s report by Mr. Francis Atintono, which detailed the bank’s activities and achievements throughout the past year.

Maltaaba Community Bank Limited, established as a public limited liability company in May 2003 and commencing banking operations on April 23, 2009, operates under the supervision of ARB Apex Bank Limited and the Bank of Ghana. The bank boasts a strong network, linked with 141 other rural banks and over 700 branches across Ghana through ARB Apex Bank. This extensive network allows Maltaaba Community Bank to offer a wide range of financial services to its customers.

In the chairman’s report, Mr. Francis Atintono, reported on the bank’s performance. He indicated that the bank’s balance sheet had grown significantly by 89% over the review period, reaching GH₵53.5 million. This growth, he explained, was fueled by a 95% increase in deposit growth, from GH₵ 24.6 million to GH₵ 48 million, and a 55% growth in shareholders’ funds, paid-up capital and retained earnings.

Mr. Atintono further noted that loans to customers grew marginally by 16% for a period due to the challenges experienced in recent years ending the 2024 financial year, with a portfolio of GH₵6.7 million. He also pointed out that investment went up by GH₵ 16.2 million to a total of GH₵ 31.3 million, which represented a growth of 107%. The report also highlighted that the profit before tax for the period was GH₵1.4 million, a rise of 172%, following a gross income of GH₵6.3 million and 84% growth, while expenses rose to GH₵ 4.9 million, increasing by 68% for the period under review.

Despite challenges, Mr. Atintono stated that the bank had exceeded every target, with all key financial indicators pointing to a bright future. He expressed his excitement for the bank’s future, noting that assets had almost doubled from GH₵ 28.2 million to GH₵ 53.5 million, an 89% growth.

Shareholders then received and adopted the financial reports for the year ending December 31, 2024, demonstrating transparency and accountability in the bank’s operations. Further reports from the board of directors and external auditors provided deeper insights into the financial health and governance of Maltaaba Community Bank.

A key highlight of the AGM was the addresses delivered by prominent stakeholders in the financial and local governance sectors. Manageress of ARB Apex Bank; the official institution overseeing the activities of rural banks in the area, Madam Mabel Domppielle, shared her insights on the performance of the bank and the broader financial landscape. Rev. Joseph Tabase, the Upper East Region Rural Banks Chapter Administrator, also addressed the gathering, focusing on collaborative efforts and the role of rural banks in regional development.

The Bongo District Chief Executive (DCE), represented by Mr. Mumuni Abdulai from the Environmental Health Unit, delivered an address that touched upon the crucial issue of climate change and its impact on the community. Mr. Abdulai conveyed the DCE’s appeal to the bank to consider creating a discounted loan facility specifically designed to enable customers and shareholders to construct resilient household latrines. This initiative underscores the bank’s potential role in promoting public health and environmental sustainability within its operating area. He also referenced the government’s commitment, under the leadership of His Excellency John Dramani-Mahama, to stabilize the macroeconomy, aiming to create a more favorable environment for businesses to access loans at lower interest rates. Mr. Abdulai highlighted the recent appreciation of the Ghanaian Cedi as a positive indicator of this progress and called upon Ghanaians to support the government’s economic agenda.

In a significant moment, the 12^th AGM was officially declared open by the representative of the Bongo DCE, emphasizing the collaborative spirit between the bank and the local authorities.

The meeting also recognized the invaluable contributions of three long-serving directors who were stepping down from their roles. Mr. Peter Claver Gaaga Azitarige Akayegre, a one-time board chairman who served for two terms, Mr. Giba Abraham, and Mr. Akama John, both of whom served on the board for nine (9) years, were presented with citations in appreciation of their dedicated service and leadership.

The outgone directors were replaced by Dr. Awiniyesima Abiire, Mr. Robert Alagsekoma and Mr. Anthony Mba Ndor(esq.) after the shareholder voting session.

With the bank’s head office strategically located in Bongo, the bank plays a vital role in the economic development of the Bongo District and the broader Upper East Region. The discussions and decisions at the 12^th AGM signal a continued commitment to providing financial services, fostering community growth, and adapting to the evolving economic and environmental challenges in Ghana. The potential introduction of a discounted loan facility for resilient household latrines exemplifies the bank’s proactive approach to addressing local needs and promoting sustainable development.