Sekyere Rural Bank focuses on branch expansion & growth

BY: Daily Graphic
Mr Francis Denteh (standing), Board Chairman, addressing shareholders at the meeting
Mr Francis Denteh (standing), Board Chairman, addressing shareholders at the meeting

The Sekyere Rural Bank Limited at Jamasi in the Sekyere South District of the Ashanti Region has posted a satisfactory operational performance in the 2017 year under review.

Deposits grew from approximately GH¢ 54million in 2016 to a little over GH¢ 64.9 million in the year under review, representing a19 per cent growth , while loans and advances grew by 16 per cent in 2017.

The bank’s investments remarkably increased by 30 per cent over 2016 figure, whereas total assets recorded a growth rate of 22 per cent over the previous year.

It continued to advance credit to its clients during the period under review and recorded an increase of 16 per cent from about GH¢ 18.6 million in 2016 to approximately GH¢ 21.6 million in 2017.

Branch expansion

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The Board Chairman of the bank, Mr Francis Denteh, at the bank’s 29th annual general meeting of shareholders held last weekend at the St Joseph’s Catholic Church at Mamponteng near Kumasi in the Ashanti Region.

He said the bank had developed a new strategic plan that would span over the period of 2019 – 2023 with a special focus on branch expansion network, particularly with additional branches in the Kumasi Metropolis.

“Both the board and management are assiduously pursuing this agenda beginning early next year as part of and the major activities will be to focus on driving growth, innovation, efficiency and service as the main pillars in achieving profitability.”

The board chairman gave an assurance that Sekyere Rural bank was currently operating within the regulatory requirements, and also aimed at complying with all the relevant regulations after regulators had gone through their review processes and was very safe as a rural bank.

Stated capital

The bank has exceeded the minimum capital requirement of GH¢1m set by the Bank of Ghana, and now has a stated capital of GH¢ 2.2 million compared with previous figure of GH¢ 1.3 million.

This was largely made possible as a result of a transfer of GH¢700,000 from retained earnings, as recommended by the board and approved by the shareholders, as well as the board’s directive for compulsory purchase of shares by its members and staff.

Corporate social responsibilities

The bank continues to offer assistance to communities and institutions within its operational areas in terms of community development projects.

The major areas that benefited include education, health, sports and recreation, security, financial to the tune of GH¢25,346 in total.

Future outlook

The Acting General Manager of the Bank, Mr Michael Aidoo, in an interview with the Daily Graphic said the bank would pursue an agenda to boost its shareholding capital by making the shares more attractive and more marketable in order to strengthen the position of the bank.

He would adopt more technologically efficient and effective methods to better serve its customers.