SOUTH AKIM RURAL BANK MAKES PROGRESS (PAGE 35, JULY 12, 2010)

THE South Akim Rural Bank at Nankese in the Eastern Region has posted a 17 per cent profit after tax from GH¢361,910 in 2008 to GH¢423,529 last year.
Within the same period, the bank’s total assets rose from GH¢7.89 million to GH¢11.06 million, with total deposits rising by 30 per cent to GH¢6.42 million.
The Chairman of the Board of Directors of the bank, Mr William Kwadwo Boateng, made this known at the 25th annual general meeting of the bank at Nankese, the head office of the bank at the weekend.
He said the bank which had continued to grow since its inception and earned the membership of Ghana Club 100 of Ghana’s prestigious companies,increased its shareholders’ fund from GH¢826,064 to GH¢1.07 million, also an increase of 30 per cent.
According to Mr Boateng,the significant growth of the bank made it possible for it to increase the loan portfolio from GH¢3.69 million to GH¢3.89 million within the period under review.
The board chairman attributed the significant progress made by the bank last year to prudent measures instituted by the board and management, adding that those milestones had adequately prepared the grounds for a new agency at Osenase.
Currently,apart from the bank’s main office at Nankese, it has four other agencies in Koforidua, Suhum and Asamankese.
With regards to the bank’s social responsibility initiative, Mr Boateng indicated that so far, 78 scholarships had been awarded to brilliant needy senior high school students in the bank’s catchment area, while donations were made towards the farmers’ day in the New Juaben Municipality and other districts namely, Suhum Kraboa Coaltar, Akwapim South and West Akyem.
The bank appealed to loan defaulters to service their loans to enable others to benefit from credit.