Sekyedumase Bank on the move
THE BOARD Chairman of the Sekyedumase Rural Bank, Mr. David Okyere, has revealed at the bank's 20th Annual General Meeting that despite the current economic situation, generally referred to as “Credit Crunch,” which has resulted in the collapse of many businesses, the bank has chalked extreme progress from 2007 to 2008.
According to him, the situation had posed many challenges globally, and yet the bank made significant progress and performed creditably over the period, attributing this feat to good management plans and prudent measures.
Mr. Okyere indicated that during the year under review, the bank made an increase of 28.53% profit before tax of GH¢83,871.57 as against a profit of GH¢65,251.87 in 2007.
He said deposit rose from GH¢3,327,338.33 to GH¢4,074,117.06 to register an increase of 22.44% over 2007 financial year, which was achieved due to prudent mobilisation measures and added that during the year under review, investment rose from GH¢1,412,358.80 to GH¢ 1,717,000.00, showing an increase of 21.56% over financial year.
The Board Chairman disclosed that total assets also grew from GH¢4,027,26.27 in 2007, to GH¢5,415,753.17 during the year under review, adding that the bank granted total advances to the tune of GH¢2,498,793.24 in 2008, as against GH¢1,839,888.61 in 2007, representing an increase of 35%.
He announced to the shareholders at the meeting that the computerisation of the bank had been awarded on contract, and revealed that the local area networking (LAN) had begun.
Mr. Okyere appealed to shareholders to update their particulars with the bank, for which exercise he said, a form, as well as software, had been designed to capture all the needed information to enhance effective communication between shareholders and the bank.
The Chief Executive Officer of the bank, Mr. John Baffoe, urged beneficiaries of the Millennium Challenge Account-MIDA Credit, under the Agricultural Credit Project meant to improve upon the livelihood of their people and help reduce poverty in their area of operation, to pay back the credit as scheduled, according to the re-payment plan, to enable others benefit from the package.