Sekyedumase Rural Bank’s assets up 34.36%

The Sekyedumase Rural Bank last year saw its total assets going up from GH¢6,091,098.00 to GH¢8,183,907.00, representing a 34.36 per cent increase.

Mr David Okyere, Chairman of the Board of Directors of the Bank, said at the same time deposits jumped to GH¢6,820,433.00 from GH¢4,967,112.00.

Investments also shot up from GH¢2,137,000.00 to GH¢3,120,590.00 while share capital rose to GH¢629,662.00 from GH¢562,710.00 during the period under review.

Mr Okyere was speaking at the 22nd annual general meeting of the shareholders of the bank at Sekyedumase on Tuesday.

He said profit after tax, however, declined from GH¢100,217.00 to GH¢48,129.00 and attributed this to high utility bills, reduction in interest rates and treasury bills discount.

The Board Chairman said the bank’s micro finance intervention was being repackaged to enable more customers to benefit.

Last year, a total of GH¢635,421.94 was granted to 2,739 beneficiaries out of which 2,165 were women.

Mr Okyere said the bank had served as a good corporate entity by doling out GH¢11,320.00 in support of education and to the farmers’ awards.

Mr Kwame Dapaah Siakwan, President of the Ashanti Chapter of Association of Rural Banks, urged the bank owners to increase their share holdings.

Nana Osei Kyeretwie, Dwantoahene of Sekyedumase, advised the management to stick to best practices.

Source: GNA