Sekyere Rural Bank’s assets hit GH¢43 million

Total assets of the Sekyere Rural Bank hit GHȼ43,554,757.03, 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 GHȼ35,727,258.62.

Addressing the 26th annual general meeting of the shareholders at Kronom-Abuohia in Kumasi, he said its investments also grew during the period from Ghȼ 11,698,672.50 to GHȼ17,532,004.11.

At the same time, deposits rose to GHȼ34,955,333.53 from GHȼ27,916,450.63.

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 GHȼ1,092,024.34, 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 GHȼ119,868.06 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 and encouraged them to continue to work hard and come out with innovative products to sustain it growth.

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

Source: GNA