Sefwiman Rural Bank pays first dividend

This is after the doubling of the rural bank's profit from GH¢131,766 in 2011 to GH¢256,863 in 2012.

The 7th annual general meeting of the bank held at Bibiani in the Bibiani-Anhwiaso-Bekwai District of the Western Region, therefore approved GH¢0.30 per share as dividend for the year-ended December 31, 2012.

The Chairman of the bank's Board of Directors, Mr Francis Aboagye-Otchere, said the impressive performance of the bank was as a result of prudent measures adopted in running the bank's operations.

He said the bank's shareholders' funds grew by 51 per cent from GH¢521,146 in 2001 to GH¢787,034 in 2012, adding that deposits from customers also went up by 30 per cent from GH¢2.91 million in 2011 to GH3.78 million in 2012.

Mr Aboagye-Octhere said the bank continued to fulfil its social responsibilities to the communities and the people it served.

Mr George Annor, the Branch Manager of the Kumasi branch of the ARB Apex Bank, who represented the Managing Director of ARB Apex Bank, Mr Kwadwo Ayeh Kusi, said the banking business had become very competitive. There was, therefore, the need for directors and managers of rural banks to adopt measures to face the challenges.

He called for effective risk management at all levels of corporate structure.

Mr Kusi said ARB Apex Bank had instituted an ICT security policy that ensured that risk associated with the implementation of ICT products were reduced, adding that information security officers had been engaged to ensure compliance with laid down policies to enhance effective banking practices.

He stated that internal control was designed to add verve and efficiency to the bank's operations by minimising the incidence of irregularities such as fraud in the banks.

He said the ARB Apex Bank had reduced the interest rates on its lending to the rural banks from 20 per cent to 15 per cent and called on the banks to access the facility to enhance their services

By Daily Graphic / Ghana