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South Akim Rural Bank makes profit

THE South Akim Rural Bank in the Eastern Region posted a profit before tax of GH¢2.4 million last year.

This is against the GH¢1.7 million it recorded in 2020, representing a 42.73 per cent growth.

The bank’s total assets within the same period also rose from GH¢100.3 million to GH¢108 million, an increase of 7.14 per cent.

Within the same period, the bank’s deposits increased by 10.12 per cent from GH¢83.7 million in 2020 to GH¢92.2 million in 2021, while investments increased by 9.63 per cent from GH¢48.8 million in 2020 to GH¢53.5 million in 2021.

The Chairman of the Board of Directors of the bank, William Kwadwo Boateng announced this at the bank’s 37th Annual General Meeting (AGM) at Nankese, the bank’s headquarters on September 24, 2022.

He, however, said notwithstanding the appreciable increases achieved across the various indicators, the bank’s capital was sluggish as it increased marginally from GH¢3.44 million in 2020 to GH¢3.48 million in 2021.

 

Increase shares purchase

Mr Boateng stressed the need for shareholders to purchase more shares in order to improve the bank’s stated capital towards unanticipated increase in the bank’s minimum capital by the Bank of Ghana.

Mr Boateng indicated that since the bank generally made improvements in its operations, the loans and advances portfolios rose from 2.8 per cent in 2020 to 6.2 per cent in 2021, that is GH¢34.8 million to GH¢C36.9 million respectively.

On dividend payment, he said after several appeals to the Bank of Ghana (BoG) and following assessments of the bank, the central bank reconsidered its position to allow dividend to be paid to shareholders for the year 2021.

 

Corporate social responsibility

With regards to the bank’s corporate social responsibility, the board chairman said in the financial year under review, an amount of GH¢77,394.00 was disbursed to communities in the bank’s catchment areas to meet their obligations with focus on education and health.

Training

Mr Boateng said the bank would undertake persistent training and career development for its staff, management and directors to enable them appreciate Fintech and its value to the financial services sector.

The bank, he also indicated, would provide competitive and tailor products to meet customers and means at all times.

 

Additional capital

The Manager of the Koforidua branch of the ARB Apex Bank, Nana Frimpong Asare, said the ARB Apex Bank intended to mobilise additional capital of GH¢25.0 million over five years from its members.

That, he explained was aimed at strengthening the bank to appropriately respond to the increasing scope of its business and the needs of its members.

Mr Asare, therefore, called for support from the directors and shareholders of the South Akim Rural Bank to make such an initiative a grand success.

The Chief of Nankese, Barima Annor Marfo, in a speech read on his behalf, commended the bank for its decision to pay dividend to the bank’s shareholders for 2021.

He urged the shareholders to continue to buy more shares to make the bank one of the best in the Eastern Region.

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