Sekyere Rural Bank records impressive profit growth in 2018

BY GHANANEWSAGENCY.ORG - Jan 15, 2020 at 1:20am 100

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The Sekyere Rural Bank has recorded a huge profit growth of 481 percent in the 2018 financial year.

The Bank’s profit before tax this year hit a record high of GHC1,170,166.00 as against the loss of GHC306,932.00 which occurred in 2017.

Mr Francis Denteh, Board Chairman of the Bank’s, addressing shareholders at its 30th Annual General Meeting (AGM) at Kronum in Kumasi, said a strong, proactive banking strategies adopted by the Bank, has been the reason for the remarkable success, after the loss in 2017.

Headquartered at Jamasi, a farming and a commercial community in the Sekyere South District of Ashanti, he said, the Bank intensified its efforts to increase its client base by reaching out to the unbanked in its catchment communities.

He said though the Bank maintained a marginal growth in the stated capital of GHC2,115,798.00 in 2017 to GHC2,135,788.00 in 2018, the rate was still above the Bank of Ghana’s (BOG’s) new minimum capital requirement of GHC1,000,000.00 for rural banks.

On investments, Mr Denteh said a 22 percent rise in investment was recorded in the year under review.

Mr Denteh said though the 8.4 depreciation of the Ghanaian Cedi against the United States Dollar in 2018 as compared to 4.9 percent in 2017, created an apparent inconvenient macroeconomic situation for financial traction, his outfit still achieved an 11.9 increase in total assets.

He assured the Bank’s shareholders, customers and investors of continued prudent management to safeguard the growth and profitability of the Bank.

Mr George Kwaku Annor, the Ashanti Regional Branch Manager of the ARB Apex Bank Limited, called for collaboration among all rural banks to help convince the public on the need to manage their finances.