South Akim Rural Bank disburses GH˘2.2m under microfinance
Posted on: 05-Sep-2012
The South Akim Rural Bank Limited at Nankese in the Suhum Municipality of the Eastern Region has adopted a programme to deepen the scope of microfinance schemes of the Bank. This is in collaboration with Freedom from Hunger, Ghana, a financial NGO.
The scheme which has been operational for just one year has recorded impressive progress. A total of GH˘2,270,930 has been disbursed as at 31st March, 2012 to 138 groups with a membership of 2,520 within 10 months, and the results have been satisfactory.
The Chairman of the Board of Directors, Mr. William Kwadwo Boateng, announced this at the Bank’s 27th Annual General shareholders’ meeting held recently. According to him, the scheme will be extended further this year.
The Bank consolidated its strength in profitability and recorded an appreciable annual operating profit before tax of a little over GH˘730,700 in the 2011year under review as compared to approximately GH˘605,820 made in 2010, representing a satisfactory growth of 21%
The Bank registered a very satisfactory performance in all the financial indicators in spite of the major economic challenges posed by heightened local competition as well as the many negative effects on operations of the Bank.
The Bank continued to offer assistance to communities and institutions within its operational territories in terms of community development projects. Areas that benefitted from the Bank’s corporate social responsibility included education, health, security, sanitation and sports.
The Bank, which has been a member of the Ghana CLUB 100 since 2002, was in September last year awarded 21st position for 2010 in Ghana CLUB 100.
Thus, for the second conservative time, the Bank has been the most outstanding Rural Bank in the Ghana Club100. The Board chairman, after announcing this remarkable feat, dedicated the award to the Bank’s shareholders and customers for the outstanding achievement.
In its quest to strengthen its customer service, the Bank put together a customer Interaction Day at all branches to listen to the concerns of customers and bring services close to the communities. This culminated in an end-of-year meeting with some key customers.
The scheme has also helped to increase the Bank’s deposit base. The Bank has launched a website to keep the public informed and updated on its activities.
The Board Chairman, in his concluding remarks, stated that in spite of the numerous challenges facing the Bank, it will continue supporting its customers to improve their living conditions.
He said the Bank will intensify loan recovery, deposit mobilisation and maintain quality assets to increase profitability.