Sekyere Rural Bank Ltd highlights financial progress

Sekyere Rural Bank Limited during year 2017 made a convincing progress in their performance delivery as compared to the year 2016.

A report of the Board Chairman read during the holding the Bank’s 29th Annual General Meeting at Manponteng in Ashanti region revealed an increase in deposits which grew from GH 54,646,594 in 2016 to GH 64,978,283 in the year 2017 representing 19% growth rate whilst loans and advances experienced a growth rate of 16% in 2017.

The Bank’s investment according the chairman’s report remarkably increased by 30% over 2016 figure, whereas total assets recorded a growth rate of 22% over the previous year.

According to the Board Chairman for the Bank Mr Francis Denteh, the Bank advanced in credit to its clients during the year 2017 and recorded an increase of 16% from GH 18,624,481 in 2016 to GH 21,673,120 in 2017.

Due to the Bank’s ability to exceed the minimum capital requirement of GH$1 million set by the Bank of Ghana, it has now has a stated capital of GH 2,115,798 compared to previous figure of GH 1,252,661.

“This was 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 the Board of Directors and staff” he said.

Due to their effective delivery, the Board Chairman noted that the Bank received a ‘Gold’ Award from the Ashanti Financial Excellence Award, an event which was organised under the auspices of Otumfour Osei Tutu II, Asantehene.

He continued that the Bank was able to spend a total of GH 25,346.00 alone on donations last year 2017.

By Enock Akonnor