Sekyere Rural Bank posts 109% growth in profit

The Sekyere Rural Bank Limited at Jamasi in the Ashanti Region has made very significant progress in all financial indicators of the 2012 year under review.

The Bank had a very successful year and posted a net profit of approximately GH¢1.2million in the 2012 period under review as against a little over GH¢553,480 in the previous year, representing a remarkable growth of 109.3%.

The Bank recorded total deposits of about GH¢24.5million in 2012 as against a little over GH¢20.7million in the previous year, representing 18% growth. This was due to the intensified mobilisation drive pursued by directors and management coupled with ever-increasing public confidence in perations of the Bank.

The Chairman of the Board of Directors Mr. Joseph Sarfo-Adjei announced this at the 24th Annual General Meeting of shareholders held last Saturday at the Presbyterian Church auditorium at Jamasi in the Ashanti Region.

According to him, the business environment for the year under review presented a lot of opportunities as well as challenges. The Bank exploited opportunities to its advantage and adequately addressed the challenges and profited tremendously.

In spite of all the challenges, the Bank performed creditably well during the year under review as depicted in the table below.

The Directors of the Bank have recommended dividend payment of GH¢0.0045 per share for the year under review. The total dividend proposed for the year is GH¢241,002.21

The Bank continued to offer assistance to communities and institutions within its operational territories in terms of community development projects. A total amount of GH¢13,778.00 was spent in this direction and as part of the Bank’s corporate social responsibility.

Areas that benefitted included education, health, security, sports and district Farmers’ Day celebrations as well as community development.

The Board and Management during the reviewed year took important strategic decisions aimed at improving the bank’s performance. These included strengthening the Marketing Unit, researching into needs of the Bank’s customers, and putting in place products and processes to satisfy such needs.

One of such products is the S-SMART Loan product, which is in collaboration with the Controller and Accountant General’s Department and is currently being piloted.

The Chairman announced the thirtieth birthday of the Bank, which fell in the month of November 2013. He said the board will put in place activities to mark the anniversary, during which those who have contributed to growth and sustainability of the Bank will be honoured.