Business General News

Sefwiman Rural Bank makes giant strides despite economic challenges



The Management and Board of the Sefwiman Rural Bank made giant strides in the 2021 financial year despite the challenges that confronted the nation.

The bank recorded a Profit Before Tax of GHC1,260,586 for 2021 as against GHC492,235 for 2020 representing an increase of 156 per cent.

Again the bank’s Profit After Tax increased significantly from GHC362,320 in 2020 to GHC948,168 in 2021 also represents a sharp increase of 162 per cent.

Strict strategic complaisance
The Board Chairman of the Bank, Dr Francis Kwaku Aboagye-Otchere, who announced this attributed the gains made to commitment to prudent risk management and sticking to the strategic direction of the Bank.
Dr Aboayge-Otchere made the announcement at the 16th Annual General Meeting of the Bank held at Bibiani over the weekend.
“Notwithstanding the immense challenges occasioned by the COVID-19 pandemic which resulted in the decline of the Ghanaian economic growth and the continued implementation of banking sector reforms during the year, your Bank was steadfast in its pursuit for robust growth and sustainable profitability”. He said.
He hinted that the bank’s gross earnings also increased from GHC7.50 million in 2020 to more than GHC 9.36 million at the end of 2021 showing an increase of 25 per cent.
The Board Chairman stated that Loans and Advances grew from GHC 12.18 million in 2020 to GHC 14.84 million in 2021 showing an increase of 22 per cent, however, Investments declined by 4% from GHC 27.78 million in 2020 to GHC 26.62 million at the end of 2021.
Dividend payment
“Distinguished shareholders, notwithstanding the Bank of Ghana directive (NOTICE NO. BG/GOV/SEC/2020/03) dated 20th April 2020 preventing Banks from paying a dividend, your Board of Directors acknowledging the sacrifices you have made over the years decided to seek Bank of Ghana’s approval to pay a dividend to shareholder”. He said
“We, therefore, recommend the payment of a dividend of 4 Pesewas per share amounting to GHS 259,088. However, shareholders are encouraged to use their dividends to buy additional shares to shore up the stated capital to reposition the bank to absorb any future shocks”. The Board Chairman announced.
Corporate Social Responsibility
The General Manager of the Bank, Mr Richard Kwame Adjei, on his part said the bank remains committed to the cause of its Corporate Social Responsibility and pledged to continue honouring its support to the people in its catchment and operational areas.
He mentioned some of the support it offered during the period as the donation of assorted items to the various District and Municipal Assemblies in their catchment areas towards the 2021 Farmers’ Day celebration and Support to various education directorates within its catchment areas among others.
The Managing Director of ARB APEX Bank PLC, Mr Alex Kwasi Awuah, praised the management and board of the Bank for their dedication and commitment to their operations.
He also lauded them for the prudent measures they put in place leading to the attainment of a steady growth year on year in most of their key financial indicators as a bank.

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