South Akim Rural Bank made a profit of GHC2.2 million

The South Akim Rural Bank limited made a net profit of GHC2,160,363.00 for the year 2018.

The figure is a reduction of 7.83 per cent of the net profit of GHC2, 343,843.00 made by the bank the previous year.

This was announced by the chairman of the Board of Directors of the Bank, Mr William Kwadwo Boateng at the 34th Annual General Meeting of the Bank at Nankeen near Suhum in the Eastern Region.

The Bank declared a dividend of GHC0.012 per share which is the same as that of the previous year.

The Chairman of the Board of Directors said the bank increased its total investment from GHC27, 827,683.00 to GHC29, 455,499.00 and increased its assets from GHC69, 058,684.00 in 2017 to GHC74, 873,530.00.

Mr Boateng said, the bank increased loans to the agriculture sector from GHC384, 000.00 to GHC611, 000.00, an increase of 59.11 per cent in 2018.

He explained that, the agriculture sector enjoyed the highest growth in the overall loans granted by the bank to the various sectors of the economy.

Mr Boateng said, that was an indication that, gradually, the bank is giving more attention to the agriculture sector which provides the livelihood to the greater part of the people in the catchment area of the bank.

He announced that, with the introduction of the free Senior High School policy of the government, the bank would use its scholarship scheme to support more students at the tertiary level.

Mr Boateng assured the shareholders that, the bank would focus more of improving customer-focused products and services to sustain the loyalty of the customers and their commitment to expand public patronage.

Mr Charles Frimpong Asare, Manager of the Koforidua branch of the ARB APEX Bank, urged rural and community banks to focus on their speciality of supporting small and medium scale enterprises and said with that strategy, rural and community banks could succeed despite the current challenges in the banking sector.

He called on the rural and community banks to strictly abide by the rules and regulations of the Bank of Ghana for the banking sector.