Sekyere rural bank makes profit

Jamasi (Ash), Dec. 25, GNA - The Sekyere Rural Bank at Jamasi in the Afigya Sekyere District recorded a net profit before tax of 2.3 billion cedis in 2005.

The bank made a profit of 1.6 billion cedis in 2004.

The bank's total assets also increased from 44.3 billion cedis in 2004 to 5.7 billion cedis in 2005 representing an increase of 30 per cent. Mr Kwame Dapaah-Siakwan, the Chairman of the Board of Directors of the bank, said this at the 17th annual general meeting of shareholders of the bank.

He said the shareholders' fund increased from 5.2 billion in 2004 to 7.3 billion cedis in 2005 while its deposits grew from 36.5 billion in 2004 to 47 billion in 2005.

Mr Dapaah-Siakwan said the bank spent 260 million cedis on its social responsibilities to communities in its catchments area. He mentioned streetlights, toilet facilities and boreholes as some of the projects the bank financed.

Mr Duke Osam Duodo, the Deputy Managing Director of the ARB Apex Bank, appealed to rural banks to educate and encourage people to open accounts with them in order to reduce the difficulties they might go through during the implementation of the re-denomination of the cedi next year.