Assets of Sekyere Rural Bank hit GH¢43m
The total assets of the Sekyere Rural Bank hit GH¢43,554,757.03 last year. This represents a 21.91 per cent increase over the 2013 figure of GH¢35,727,258.62.
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Mr Joseph Sarfo-Adjei, the Board Chairman of the bank, made this known when he addressed the 26th annual general meeting of shareholders at Kronom-Abuohia in Kumasi.
He said investments also grew during the period from Gh¢11,698,672.50 to GH¢17,532,004.11, while deposits rose to GH¢34,955,333.53 from GH¢27,916,450.63.
Mr Sarfo-Adjei told the shareholders that due to the difficult and unfavourable business environment, made worse by the power crisis, the bank’s operational returns were marginal.
Profit
According to him, the bank posted a net profit of GH¢1,092,024.34, which compared with the previous figure showed a 10.47 per cent growth.
He said as a good corporate citizen, the bank spent GH¢119,868.06 on social responsibility activites and these included support for education development, health, security and agriculture.
Mr Sarfo-Adjei underscored the need for the shareholders to increase their shares to enable the bank to meet the Bank of Ghana’s mandatory stated capital.
Share capital
He said the bank’s share capital currently stood at GH¢648,210.54 and fell short of the GH¢1 million set by the central bank.
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In an address read on his behalf, the Managing Director of ARB/APEX Bank, Mr Kwaku Aye Kusi, commended the management, staff and shareholders for the outstanding performance of the bank and urged them to continue to work hard and come up with innovative products to sustain growth.