Sefwiman Rural Bank records 121% increase in profit
THE Sefwiman Rural Bank made giant strides on various financial indicators during the 2023 financial year.
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The bank, headquartered at Bibiani in the Western North Region, recorded a 121 per cent increase in its profit before tax of GH¢3.19 million for 2023 compared to GH¢1.44 million the previous year.
The bank’s gross earnings also increased by 49 per cent from GH¢10.6 million in 2022 to GH¢15.84 million at the end of 2023, while interest expense increased by 50 per cent from GH¢2.06 million in 2022 to GH¢3.47 million in 2023.
This resulted in an increase in a net interest income from GH¢6.79 million in 2022 to GH¢10.05 million in 2023, indicating an increase of about 48 per cent.
The Chairperson of the bank, Olivia Nyarkoa Kyeh, said at the bank’s 18th Annual General Meeting held at Bibiani in the Western North Region, attributed the huge gains made to their commitment to prudent risk management, good corporate governance practices and sticking to the strategic direction of the bank.
Business growth
She added that total assets of the bank recorded a 38 per cent growth during the 2023 financial year with GH¢ 83.79 million as compared to GH¢ 60.57 million in 2022.
Loans and advances increased by 12 per cent from GH¢16.26 million in 2022 to GH¢18.19 million in 2023.
Again, she indicated that investments of the bank increased by 41 per cent from GH¢36.30 million in 2022 to about GH¢51.31 million at the end of 2023.
The Chairperson praised the board, management and the staff for their dedication and hard work leading to the attainment of an improved performance.
Ms Kyeh said customers’ deposits grew by 50 per cent from about GH¢47.40 million in 2022 to almost GH¢71.10 million in 2023, which to her, was an indication of the confidence the customers had in the bank.
Boosting agriculture
The Chief Executive Officer (CEO) of the bank, Richard Kwame Adjei, said the bank has partnered some institutions such as the Rural Enterprises Programme (REP) and others to roll out agricultural products to help improve the livelihoods of farmers who basically are into farm produce, poultry and livestock.
He indicated that a total of GH¢3 million had been disbursed to over 250 farmers which has helped them increase their production and employ additional hands.
The Managing Director of ARB Apex Bank, Alex Kwasi Awuah, in an address read for him, applauded the board and management for the impressive performance in the year 2023, adding that many banks were unable to declare dividends and as such commended the board and management for their hard work.
He further tasked the board and management to put in place risk mitigation measures to counteract all the new and emerging risks in the industry and also encouraged the board to follow strictly, the Corporate Governance Directive to avoid sanctions.
The Omanhene of the Sefwi Anhwiaso Traditional Area, Ogyeahoho Yaw Gyebi II, in an address read on his behalf, advised shareholders to invest in the bank since it was an indigenous bank and served the interest of the people of Sefwi.
He also commended the board, management, and staff for their hard work and urged the board to increase staff salaries as suggested by other speakers.
Dividend payment
The Board of Directors approved for payment, dividend per share of GH¢0.05, amounting to GH¢398,669.80.