15.12.2015 Business & Finance

Sekyere Rural Bank's assets hit GH¢45.6 million

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Kumasi, Dec.15, GNA - Total assets of the Sekyere Rural Bank hit GH¢43,554,757.03 million, last year, Mr. Joseph Sarfo-Adjei, the Board Chairman, has announced.

This he said represented a 21.91 per cent increase over the year 2013 total of GH¢35,727,258.62.

Addressing the 26th annual general meeting of the shareholders at Kronom-Abuohia in Kumasi, he said its investments also grew during the period from GH¢11,698,672.50 to GH¢17,532,004.11.

At the same time, deposits rose to GH¢34,955,333.53 from GH¢27,916,450.63.

He told the owners of the bank that due to the difficult and unfavorable business environment, made worse by the energy crisis, its operational returns was marginal.

It 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 it spent a total of GH¢119,868.06 on social responsibility and this involved support for education development, health, security and agriculture.

Mr. Sarfo-Adjei underlined the need for the shareholders to increase their shares to enable the bank to meet the Bank of Ghana's mandatory requirement.

Its share capital currently stands at GH¢648,210.54 and this falls short of the GHȼ1 million set by the Central Bank.

Mr. Kwaku Aye Kusi, Managing Director of ARB/APEX Bank in an address read for him applauded the management, staff and shareholders for the impressive performance of the bank.

He asked them to continue to work hard and come out with innovative products to sustain it on the path of growth.

Dr. Kojo Obese Antwi, Chief Executive Officer of the Bank, called on loan beneficiaries to pay back.


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