RCBs grow assets value by 21.5% yoy
Rural Community Banks (RCBs) in the country for the period between May 2020 and May 2021, grew their assets by 21.5 percentage points.
Assets of RCBs recorded at end-May 2021 was valued at Ghs 6.5 billion marking a 1.5 per cent growth from the end-Q1 2021 total assets value of Ghs 6.4 billion.
Per the May 2021 Quarterly Bulletin report released by the Bank of Ghana (BoG), total assets of RCBs at end-May 2020 stood at Ghs 5.1 billion.
Despite the astronomical growth in assets for the period under review, total assets of RCBs constituted only 3.99 per cent of the total assets of the banking system which stood at Ghs 162.9 million at end-May 2021.
In terms of deposits made, RCBs for the period under review witnessed an increase in deposits mobilisation.
Total deposits of RCBs increased by 24.5 percent year-on-year to Ghs 5.68 billion at the end-May 2021 from the Ghs 4.29 billion recorded for end-May 2020.
Deposits mobilised by RCBs at the end of May 2021 constituted 5.15 percent of the Ghs 110.3 billion total deposits of the banking system.
Loans and advances made by RCBs by the end of May 2021, stood at Ghs 1.87 billion indicating a rise of 2.96 percent from the Ghs 1.57 billion recorded at the end of May 2020.