Total assets of South Akim Rural Bank reach GH¢48.9m

Total assets of the South Akim Rural Bank hit GH¢48.9 million, last year, Mr. William Kwadwo Boateng, the Board Chairman, has announced.

This represents a 23.6 per cent rise over the previous year’s figure of GH¢39.6 million.

Addressing the 31st annual general meeting of the bank at Nankese in the Suhum Municipality, he said its performance had been strong in the face of unfavorable business environment and stiff competition in the banking industry – posting a net profit of GH¢2,508,888.00.

The bank’s total deposits also rose to GH¢37.5 million from the previous year’s figure of GH¢29.7 million.

At the same time its stated capital went up from GH¢1,347,024.00 to GH¢1,669,314.00 – an increase of 24 percent.

He told the meeting that shareholders’ funds had climbed to GH¢6.6 million from GH¢4.8 million.

He said given the impressive showing, the board had decided to pay a dividend of GH¢0.01 per share. It had in year 2014 pegged the dividend payment per share at GH¢0.0070.

In all, it had set aside GH¢607,288.00 for dividend payment – indicating a return on investment of 36.4 per cent.

Mr. Boateng informed the owners of the bank that it had earmarked GH¢150,000.00 for the completion of a community senior high school (SHS) it was building in Nankese.

He hinted that the infrastructure for installation of automated teller machines (ATMs) had been completed by the ARB Apex Bank Limited and assured its customers that they would soon enjoy the service.

He spoke of plans to open branches in Kade in the Kwaebibrem District and Pokuase in the Ga-East District.

Source: GNA