The Sekyedomase Rural Bank is showing strong returns on its operation, announcing a third quarter profit of GH?484,329 for the year.
Compared with the previous year?s figure, this showed an increase of about 180 per cent.
Mr. Kwame Antwi Frimpong, the Board Chairman, made this known at the 25th Annual General Meeting of the shareholders held at Sekyedomase in the Ejura-Sekyedomase Municipality.
He said despite the challenging business environment they were able to grow the bank?s deposits from GH?12 million to GH?14.3 million.
Its investments also hit GH?5 million from GH?4 million during the period under review.
At the same time, the bank?s shares went up to GH?258,299 from GH?186,808, with its net worth rising from GH?1.3 million to GH?1.8 million.
Mr. Frimpong urged the owners of the bank to continue to increase their share holdings.
He advised loan beneficiaries to do everything possible to pay back their loans, to enable more customers to benefit from the facility.
Mr. George K. Annor, Branch Manager of the Kumasi APEX Bank, praised the bank for its remarkable performance over the years, and asked the directors to sustain the good job.
He reminded the bank to improve on its credit management policies, and work hard to recover outstanding loans and overdrafts to customers.
This, he said, would tremendously help to increase its profitability.
Mr. Annor used the occasion to recommend the establishment of an audit unit for rural banks to prevent fraudulent deals.
GNA