SOUTH AKIM RURAL BANK DOUBLES PROFIT (PAGE 29)

THE South Akim Rural Bank with its head office at Nankese in the Eastern Region has doubled its net profit after from GH¢172,984 in 2007 to GH¢361,910 last year.
The 109 per cent increase in margin is the largest ever recorded by the bank since its establishment about 25 years ago.
The Chairman of the Board of Directors of the bank, Mr William Kwadwo Boateng, announced the feat at the 24th annual general meeting of the bank at Nankese.
Mr Boateng said the bank in the last few years had turned its fortunes around with total assets increased from GH¢6.65 million GH¢7.89 million, while deposits rose from GH¢5.43 million to GH¢6.42 million within the period under review.
Shareholders fund, he also indicated rose from GH¢559,271 to GH¢826,064 as the stated capital increased from GH¢126,911 to GH¢253,107, all within the period under review.
The chairman told the shareholders that the bank disbursed a total of GH¢3.68 million in loans for last year as against GH¢2.45 million in 2007.
To ensure the efficiency of the bank to better serve customers, he said a computerisation programme to link all the agencies and the head office had been completed, while the Bank of Ghana had given its approval for the upgrading of its outlet at Osenase to a fully-fledged agency.
As part of its social responsibility towards its catchment areas, the bank offered scholarships to 65 needy students in senior high schools and acquired water pumps for two villages, namely Akote and Ayisikrom, among others.
Mr Boateng said plans were far advanced for the construction of buildings for a proposed senior high school for Nankese.
He expressed the board’s appreciation to the management, staff and customers of the bank for their co-operation that had made it possible for the bank to attain a higher height as one of the best rural banks in the country as a whole.
The Nankesehene, Nana Annor Maafo II, was full of praise for the bank for its assistance to the community and suggested to the bank to improve staff emoluments so as to attract and retain qualified staff.