Sekyedomase Rural Bank makes over 100% profit

Sekyedomase Rural Bank made a net profit of GH¢97,611.00 on its operations last year, Mr David Okyere, the Board Chairman, has announced.

This, he said, represented a 103 per cent increase over the 2010’s figure GH¢48,129.00.

Addressing the 23rd annual shareholders meeting at Sekyedomase, he said, the achievement was made possible by the prudent policies and efficient internal control systems they had introduced.

He said during the period, deposits of the bank rose from GH¢6,820,433.00, to GH¢8,511,631.00, an increase of 25 per cent.

Total loans and advances also shot up to GH¢3,967,236.00 from GH¢2,890,122.00.

At the same time its assets grew from GH¢8,181,907.00 to GH¢10,890,333.00, while the investment portfolio climbed by 7.69 per cent.

Mr Okyere also touched on the bank’s share capital and said it went up to GH¢707,958.00 from GH¢629,663.00.

The Board recommended the payment of an amount of GH¢19,522.00 as dividend to shareholders. Each share would attract GH¢0.000060.

Mr Duke Osam-Duodu, Acting Managing Director of the ARB Apex Bank, urged the Board to continue to develop more innovative and attractive products to meet the growing demands of its clients.

Additionally, he said, they needed to adopt effective loan monitoring strategies to ensure that loans granted to customers were recovered within time schedules.

He reminded the bank that it had a lot to do by way of organizational and operational transformation, especially in the area of information and communication technology, which has brought about new challenges.

The bank rewarded its hard working and long-serving staff as well as loyal customers with prizes including certificates and television sets.

Source: GNA