Sefwiman Rural Bank posts profit

The Sefwiman Rural Bank in the Ashanti Region made a profit after tax of GH¢600,000 in 2016, as against GH¢444,000 the previous year, representing an increase of 35 per cent.

The assets of the bank also grew from GH¢11.75 million in 2015, to GH¢17.89 million in 2016, representing an increase of 52 per cent.

While investments grew from GH¢5.59 million in 2015 to GH¢8.80 in 2016, representing a growth of 57.5 per cent, customer deposits also increased from GH¢9.65 million in 2015 to GH¢14.59 million in 2016, representing 51 per cent.

AGM

The Board Chairman of the bank, Dr Francis Aboagye-Otchere, announced this at its 11th Annual General Meeting (AGM) at Asawinso, where a new branch has been opened.

This brings to six the total number of the bank’s branches in the country.

He observed that despite various challenges that confronted the nation’s economy in the previous year, the board, management and staff managed to put prudent policies in place to ensure the successful performance of the bank.

Dr Aboagye-Otchere gave an assurance that the bank would come up with more products to increase savings and investment.

The General Manager of the Sefwiman Rural Bank, Mr Richard Adjei, said it was positioning itself to promote the development of agriculture by designing new products that would support farmers in their operational areas to boost yields.

He, however, appealed to customers to ensure that they repaid their loans to the bank to enable others to also benefit.

Commendation

The Managing Director (MD) of the ARB Apex Bank, Mr Kojo Mattah, in an address read on his behalf, commended management and staff of the bank for being adjudged the 27th Best Company in the country during this year’s prestigious Ghana Club 100 awards.

He also lauded the bank for its efforts that culminated in the recent recognition as the Second Best in Rural and Community Banking Category in the country.

Mr Mattah noted that such a feat could not be attained on a silver platter and, therefore, urged management and staff to continue with their hard work.

He further asked the bank to ensure proper checks and balances in their operations to protect the investment of their customers.

“You have to abide by the Bank of Ghana and the ARB Apex Bank regulations governing your operations,” the MD of the ARB Apex Bank added.

The Chief of Asawinso, Nana Adu Kwasi II, appealed to the people to cultivate the habit of savings to protect their earnings and also ensure a brighter future.