South Akim Rural Bank makes significant gains
THE South Akim Rural Bank last year made a pre-tax profit of GH¢4.88 million as against GH¢3.09 million in 2022, an increase of 57.77 per cent.
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Within the same period, the bank's total deposits grew by 27.25 per cent, from GH¢105.69 million to GH¢134.49 million.
Its investments also rose within the same period by 31.48 per cent, from GH¢72.32.51 million in 2022 to GH¢95.08 million in 2023.
The loans and advances portfolio of the bank also increased from GH¢36.52 million in 2022 to GH¢40.62 million in 2023, a hike by 11.23 per cent.
AGM
The Chairman of the Board of Directors of the bank, Dr Theophilus Knight Oware, announced these at the 39th annual general meeting (AGM) banks at Nankese in the Eastern Region.
He said the bank’s stated capital also rose within the same period from GH¢3.80 million in 2022 to GH¢4.28 million, a rise of 12.56 per cent.
Dr Oware stated that its net worth also grew by 26.32 per cent from GH¢11.60 million in 2022 to GH¢14.66 million in 2023.
The bank's total assets, he indicated, further increased within the same period from GH¢123.31 million.
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He said the positive growth of the bank made it possible for it to honour its corporate social responsibility (CSR) activities in 2023.
He explained that the CSR covered the Ghana Education Service, Traditional Authorities, Metropolitan, Municipal and District Assemblies (MMDAs), particularly supporting farmers’ day celebrations and the Ghana Police Service.
Dividends
According to Dr Oware, based on the bank's strong financial indicators, approval had been given for the payment of dividends to shareholders at GH¢0.01(10 per cent) per share.
Dr Oware said all unclaimed dividends would be transferred to the office of the Registrar of Companies three months after the declaration of the dividend in line with section 73 and 74 of the Companies Act 2019 (Act 992).
With regard to the development of the bank, the Chairman of the Board of Directors said the purchase of land for the construction of a new head office building was still being considered while a total of 2,492 customers had been enrolled to transact business electronically with the bank.
Dr Oware further stated that the bank had received an appreciable number of applications for the agency banking module aimed at reducing operational costs to banks and bringing banking closer to the people.
Outlook
Looking forward, he indicated that the bank would be strengthening its internal processes to enhance operational activities by training staff in cybersecurity, engaging stakeholders to explore technological means of doing effective business at a reduced cost to the bank and regularly reviewing major policies of the bank.
Dr Oware told the gathering that the bank would be celebrating its 40th anniversary next year of which an ad-hoc committee had been set up to oversee the event.
He urged all customers and shareholders to get involved in the celebration.