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.
Source: Graphic Online