Sekyere Rural Bank Limited (SRB) has made an excellent performance in key financial indicators for the year 2018 despite the significant challenges that confronted the Ghanaian banking industry.
Per the financial statement for the year ended 31st December 2018, deposits which stood at GHS 64,978,283 for the year 2017 rose to GHs 75,888,035 for the year 2018 representing a percentage rise of 27.
Loans and advances rose from GHs 21,673,120 (year 2017) to GHs 25,308,635 (2018) while performance on investment recorded GHs 39,184,026 for the year 2018 against GHs 32,071,541 year 2017.
Total assets escalated tremendously to GHs 90,547,208 (2018) as against GHs 79,765,395 ( year 2017) a growth of 14%
Speaking at the Bank’s AGM in Kumasi, Board Chairman Mr. Francis Denteh disclosed that the institution continued to advance credit to its client during the period under review and recorded an increment of 17% from GHs 21,673,120 in 2017 to GHs 25,308,635 in 2018.
The performance of the Bank’s stated capital which increased only marginally from GHs 2,115,798 in 2017 to GHs 2,135,788 in 2018 .
“…even though the current position of our stated capital far exceeds the required minimum capital requirement directed by the Bank of Ghana, there is an urgent need for all of us to further increase our shareholdings significantly , since the regulator may again increase the minimum capital requirement at any time” he advised.
Touching on corporate social responsibility, he indicated a number of initiatives which the institution undertook during the year 2018 totalling an amount of GHs 71,858.00.
Breakdown as disclosed is as follows; Education GHs 32,033.00, Health GHs 7,350.00, Agriculture GHs 3,475.00, Ghana Police Service GHs 5,000.00, Community Development GHs 22,000.00 and traditional council GHs 2,000.00.
The Board Chairman assured that the institution will continue to pursue great strategies that would continue to drive the Bank toward achievement of the vision of becoming the Rural Bank of choice in Ghana.