Ghana: Sekyere Rural Bank Records Impressive Profit Growth

17 January 2020

The Sekyere Rural Bank has recorded a huge profit growth of 481 per cent in the 2018 financial year.

The bank's profit before tax this year hit a record high of GH¢1,170,166.00 as against the loss of GH¢306,932.00 which occurred in 2017.

Mr Francis Denteh, Board Chairman of the bank, addressing shareholders at its 30th annual general meeting at Kronum in Kumasi, said a strong proactive banking strategies adopted by the bank, had been the reason for the remarkable success, after the loss in 2017.

Headquartered at Jamasi, a farming and a commercial community in the Sekyere South District of Ashanti, he said, the bank intensified its efforts to increase its client base by reaching out to the unbanked in its catchment communities.

He said though the bank maintained a marginal growth in the stated capital of GH¢ 2,115,798.00 in 2017 to GH¢ 2,135,788.00 in 2018, the rate was still above the Bank of Ghana's (BOG's) new minimum capital requirement of GH¢ 1,000,000.00 for rural banks.

On investments, Mr Denteh said a 22 per cent rise in investment was recorded in the year under review.

Mr Denteh said though the 8.4 depreciation of the Ghanaian Cedi against the United States Dollar in 2018 as compared to 4.9 per cent in 2017, created an apparent inconvenient macroeconomic situation for financial traction, his outfit still achieved an 11.9 increase in total assets.

He assured the bank's shareholders, customers and investors of continued prudent management to safeguard the growth and profitability of the bank.

Mr George Kwaku Annor, the Ashanti Regional Branch Manager of the ARB Apex Bank Limited, called for collaboration among all rural banks to help convince the public on the need to manage their finances.

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