The Sefwiman Rural Bank made giant strides in its various financial indicators during the 2023 financial year despite the challenges that confronted the Nation’s financial sector.
The Bank recorded a 121 per cent increase in its Profit Before Tax of GHC3,189,631 for 2023 compared to a Profit Before Tax of GHC1,442,633 for the previous year.
Net Profit After Tax on the other hand saw a sharp increase of 104 per cent from GHC1,075,122 in 2022 to GHC2,194,774 in 2023.
The Bank’s gross earnings also increased by 49 per cent from GHC10,610,556 in 2022 to GHC 15,843,241 at the end of 2023, however, interest expense also increased by 50 per cent from GHC2,064,259 in 2022 to GHC3,471,455 in 2023. This resulted in an increase in a net interest income from GHC6,790,613 in 2022 to GHC10,059,199 in 2023 indicating an increase of about 48 per cent.
The new Chairperson of the Bank, Miss Olivia Nyarkoa Kyeh, who announced this during the Bank’s 18th Annual General Meeting held at Bibiani in the Western North Region, attributed the huge gains made to their commitment to prudent risk management, good corporate governance practices and sticking to the strategic direction of the Bank.
Business Growth
She added that, Total Assets of the Bank recorded a 38 per cent growth during the 2023 financial year with GHC 83.79 million as compared to Total Assets of GHC 60.57 million in 2022 while Loans and Advances increased by 12 per cent from GHC 16.26 million in 2022 to GHC 18.19 million in 2023.
Again she indicated that Investments of the Bank increased by 41 per cent from GHC 36.30 million in 2022 to about GHC 51.31 million at the end of 2023.
The Chairperson praised the Board, Management and the Staff for their dedication and hard work leading to the attainment of such a great feat making the Bank the toast of other banks.
Miss Nyarkoa Kyeh, was very delighted that Customers’ Deposits grew by 50 per cent from about GHC47.40 million in 2022 to almost GHC71.10 million in 2023, which to her was an indication of the confidence the customers had in the Bank.
Boosting Agriculture
The Chief Executive Officer (CEO) of the Bank, Mr. Richard Kwame Adjei, hinted that the Bank has partnered with some institutions like the Rural Enterprises Programme (REP), RDF Ghana and AfDB/SIF to roll out agricultural products to help improve the livelihoods of farmers who basically are into farm produce, poultry and livestock.
He indicated that a total of GHS3 million had been disbursed to over 250 farmers which has helped them increase their production and employed additional hands.
Mr. Alex Kwasi Awuah, Managing Director of ARB Apex Bank, in an address read for him by Mr. Kofi Owusu (Regional Manager, ARB Apex Bank, Ashanti), applauded the Board and Management for the impressive performance in the year 2023, adding that many banks were unable to declare dividends and as such commended the Board and Management for their hard work.
He further tasked the Board and Management to put in place risk mitigation measures to counteract all the new and emerging risks in the industry and also encouraged the Board to follow strictly the Corporate Governance Directive to avoid sanctions.
The Omanhene of Sefwi Anhwiaso Traditional Area, Ogyeahoho Yaw Gyebi II, in an address read on his behalf, advised shareholders to invest in the Bank since it is an indigenous bank and serves the interest of the people of Sefwi.
He also commended the Board, Management, and Staff for their hard work and urged the Board to increase staff salaries as suggested by other speakers.
Dividend Payment
The Board of Directors acknowledging the sacrifices the shareholders have made over the years obtained the Bank of Ghana’s approval to pay dividend per share of GHC0.05, amounting to GHS 398,669.80. END
