Sekyere Rural Bank declares GH¢1.2m profit

The  Sekyere Rural Bank  declared a profit before tax of nearly GH¢1.2 million on its operations last year.

Mr. Joseph Sarfo-Adjei, Board Chairman, said this represented an increase of 109.3 per cent over the 2011 figure.

Addressing the 24th Annual General Meeting (AGM) of shareholders of the bank at Jamasi in the Sekyere South District, Mr Sarfo-Adjei said the performance was achieved through aggressive funds mobilization, effective cost management and loans recovery, especially those that were long overdue.

He said the bank’s deposits rose from GH¢20.7 million to GH¢24.5 million during the period under reviewy.

Loans and advances grew by 47.9 per cent, while investments in treasury bills and other liquid assets inched up by 4.2 per cent, he said.

The bank’s net worth had shot up to 28.8 per cent as at the close of the year 2012.

Mr. Duke Osam-Duodu, Deputy Managing Director of the ARB Apex Bank, commended management for the solid performance but said that should not make anybody complacent, adding, hard work, commitment and best practices should continue to be upheld and sustained.

He called for the adoption of innovative products, which would meet the felt needs of customers.

Source: GNA