Shareholders Satisfied With Gains Made By Sekyedomase Rural Bank

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From Samuel Mensah Torbizo, Sekyedomase

Following the giant strides the Sekyedomase Rural Bank Limited made during the 2013 financial year, its shareholders have expressed their satisfaction with the success chalked so far.

Some of the shareholders who spoke to this reporter on the side line of the bank’s 25th Annual General Meeting at Sekyedomase, were grateful to the Board and Management, for working assiduously against the economic challenges the country had been facing in the
reviewing year, to make the bank one of the best leading rural banks not only in the Ashanti region, but the nation in general.

As a way of showing appreciation to the Board of Directors, for their performance, it resolved that all the Board Members be maintained to steer the affairs of the financial institution for another term.

Their reason was that, since the inception of the bank about thirty years ago, it had never recorded such impressive performance, which they attributed to the commitment on the part of the Board , Management and the entire staff.

One of them said, “Last year’s performance of that bank was unprecedented, we are satisfied with what the Board had done , we are not ready to conduct any election to replace any of them”.

Meanwhile, in his annual report the Board Chairman , Mr. Kwame Antwi Frempong, revealed that in spite of the depreciation of the cedi, coupled with persistent power outages, the bank during the 2013 financial year, recorded sterling output.

According to him, the profit of the bank as at September 2014, increased from GH¢ 170, 910 to GH¢ 484,329, representing 180 percent.
Shares of the bank, he explained stood at GH¢ 258,299 as against GH¢ 186,808, indicating 38 per cent, with its total assets soaring gradually from GH¢ 13,573,202 to GH¢15,369395, presenting 13.23 percent over the previous year.

He disclosed that loans and advances to the clients of the bank in 2012 was, GH¢ 5,872,629, while that of 2013 stood at GH¢ 6,349,122.

Mr. Frempong, explained that despite the encouraging performance of the bank in 2013, it was, however, unable to attain the targeted requirement by the Bank of Ghana (BoG), that each rural bank should at least maintain minimum share capital of GH¢ 300,000.

He added that instead, it achieved GH¢ 216,223.00, leaving performance gap of GH¢ 84,777.

He said as part of the bank’s corporate duties, institutions such as Kumasi Wesley Girls’ Senior High School (SHS),S ekyedomase Health Centre and Sekyedomase D/A Methodist JHS, were assisted in diverse ways.

The General Manager of the bank, Mr. Emmanuel Kuffuor, later in an interview said, the leadership of the bank was committed to come out with more attractive products to meet the needs of its customers.

According to him, majority of the bank’s products, were tailored to enable the clients have access to loans to expand their businesses.
He said, Management was ready to invest in the education of the staff, in order for them to meet the increasing competition in the financial industry.

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