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Business News of Wednesday, 26 December 2012

Source: GNA

Sekyere Rural Bank makes after tax profit of GH¢553.473.59

The Sekyere Rural Bank made a profit before tax of GH¢553,473.59 on its operations, last year, Mr Joseph Sarfo-Adjei, the Chairman of the Board of Directors, has announced.

The figure would have been higher but for the expansion programmes it undertook including refurbishment of some branches and the completion of a one-storey Mamponteng branch office building.

Added to this, was the fall in the interest rates on treasury bills as the bank had invested GH¢4 million in these bills.

Mr Sarfo-Adjei was addressing the 23rd annual general meeting of the shareholders at Mamponteng in the Kwabre East District.

He said during the period, deposits of the bank rose to GH¢20,758,192.08, an increase of 30.2 per cent.

Loans and advances also went up to GH¢7,544,486.25 from GH¢6,234,604.30.

Touching on the total investments, he said that increased from GH¢6,654,764.83 to GH¢10,929,430.15, representing a 64.2 per cent increase.

He said as a good corporate citizen, the bank supported some institutions and communities in its operation area to the tune of GH¢13,225.00.

Mr Sarfo-Adjei told the meeting that with the completion of the Mamponteng branch, they were set to commence work on community library projects at Jamasi and Ahwiaa early next year.

Mr Kojo Obese-Antwi, Chief Executive Officer of the Bank, called for support and cooperation from the stakeholders as it aggressively pushed ahead with its expansion.

Mr Kwame Dapaah Siakwan, a former Board Chairman, commended the management for the successful completion of the Mamponteng branch office.

He said given its strategic location it would open opportunities for more people there to grow their businesses and said the bank would continue to maintain its strict supervision and good customer relations to survive the intense competition in the banking sector.

Mr Owusu Boadi, the acting President of the Ashanti Regional Chapter of the Association of Rural Banks, praised the bank for its strong performance and urged the shareholders to increase their shares.

The bank rewarded 12 of its hardworking employees with prizes.

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