Financial performance indicators of South Akim Rural Bank positive
THE South Akim Rural Bank at Nankese in the Suhum Municipality posted a profit of GH¢2,130,235 last year.
The figure represents an increase of 21.33 per cent over the previous year’s figure of GH¢1,755,715.
The bank’s total deposits also witnessed a minimal growth from GH¢ 92.21 million to GH¢105.69 million in the same period under review.
The Chairman of the Board of Directors of the bank, Professor Mark Boadu, who made this known at the 38th annual general meeting of the bank at Nankese near Suhum last Saturday, indicated that the bank's investments in 2021 shot up from GH¢53.51 million in 2021 to GH¢72.32 million in 2022 while total assets also rose from GH¢107,566,022 to GH¢123,309,350 in 2022.
However, he said within the same period, loans and advances reduced marginally by 1.166 per cent from GH¢ 36.95 million in 2021 to GH¢ 3652 million in 2022.
According to Professor Boadu, the bank's shareholders’ fund increased by 16.33 per cent, from GH¢9.97 million in 2021 to GH¢ 11.60 million in 2022.
He said the bank would continue to implement measures to accelerate its growth further.
Professor Boadu said the bank spent GH¢72,133.00 on corporate social responsibility (CSR) and mentioned some of the beneficiaries as the Eastern Regional Police Command, Ghana Education Service (GES), Ministry of Food and Agriculture (Farmer’s Day celebrations) and traditional councils in the bank's catchment areas.
On payments of dividends, he indicated that given the Bank of Ghana’s directive to banks and specialised deposits-taking institutions for the suspension of payments of dividends as a result of the Domestic Debt Exchange Programme, the bank was unable to propose any dividends.
Professor Boadu was, however, hopeful that the dynamics would change shortly to enable shareholders to be paid the dividends.
Regarding the bank's infrastructure development, the Board Chairman told the shareholders that land had been acquired for the construction of a new head office building, of which the necessary documentation was ongoing.
He, however, stated that due to economic uncertainty, the board had deferred the commencement of the project.
Professor Boadu said the bank would be celebrating its 40th anniversary in 2024 and thanked the staff, management, shareholders and colleague board members for their contributions to the growth of the bank.
The Managing Director of ARB Apex Bank, Alex Kwasi Awuah, whose speech was read by the Head of Finance of the ARB Apex Bank, Samuel Gyimah Amoako, was happy that SARB continued to be a leader in the league of rural and community banks in the country.
That, he said, was because most of its financial performance indicators recorded positive growth, except for loans and advances to customers which dipped by 1.16 per cent from GH¢36.95 million in 2021 to GH¢36.52 million in 2022.
He was hopeful that the bank's fortunes would continue to expand and entreated staff, management, directors and shareholders to continue collaborating by offering mutual support to make the bank one of the most profitable banks in the country.