South Akim Rural Bank posts 30% profit increase

South Akim Rural Bank made a net profit of GH¢550, 509.00 last year, representing 30 per cent increase over that of 2009.

The bank also increased its total assets from GH¢10, 823, 696.00 to GH¢14, 337,164, representing 32 per cent over that of 2009.

The Chairman of the Board of Directors of the bank, Mr William Kwadwo Boateng, announced this at the 26th Annual General Meeting of the bank, at Nankese.

He said the bank was among the few rural banks operating fully on the Globus eMerge, a technological way of improving banking transactions and checking fraud.

Mr Boateng said the shareholders fund increased from GH¢1, 074,662 to GH¢1, 323,581 in 2010 despite the provision of GH¢100, 000 for the Development Fund to meet the cost of refurbishment of the Osenase Agency and provision for end of service benefits to management and staff in line with the new National Pension Act, 2008.

He said the bank, which had has been a member of the Ghana Club 100 since 2002, was in September last year awarded the 25th position.

On social responsibility, Mr Boateng said the bank awarded six scholarships to students to pursue Senior High School education, last year, bringing to 84, the total number of beneficiaries under the scheme, since it started in 2003.

Mr Boateng appealed to parents to support their children to get minimum aggregate of 15 for public schools and six for private schools at the Basic Education Certificate Examination to enable them to enjoy the scheme.

The Managing Director of the ARP Apex Bank, Mr Osei -Bonsu, commended the bank for the good performance.

He expressed concern about attacks on banks by armed robbers recently and entreated the financial institutions to tighten security.

Source: GNA