Business News of 2013-12-12

Sekyedomase Rural Bank registers strong growth

The Sekyedomase Rural Bank saw tremendous growth last year, with its profit before tax hitting GH¢196.2 million. This represents 101 per cent increase over the year 2011 figure of GH¢97.6 million.

Mr. David Okyere, the Board Chairman, said the remarkable performance was achieved through prudent financial management and cost-cutting measures. He was addressing the 24th annual general meeting of the shareholders at Sekyedomase in the Ejura-Sekyedomase District.

He told the bank’s owners that total deposits shot up from GH¢8.5 million to GH¢11.1 million during the period. At the same time, its assets rose to GH¢13.6 million from GH¢10.9 million, showing a 25 per cent increase.

Loans and advances also grew by 48 per cent - going up from GH¢3.9 million to GH¢5.8. Mr. Okyere said the bank’s investment portfolio, shareholders’ fund and share capital, all registered appreciable growth.

He said the strong performance would not in any way make them to become complacent but instead would motivate them to continue to work hard to improve the operation returns.

He appealed to shareholders to raise their shareholdings to strengthen the bank’s capital base. Mr. Kwadwo Ayeh Kusi, Managing Director of the Apex Bank, in an address read for him gave thumps up to the bank for the significant strides it was making.