Shai Rural Bank Makes Profit Last Year



Mr. Ebenezer Djaney DjagbeteyThe Shai Rural Bank has improved on its profit margin by making a modest profit of GH¢169,381 in 2012 against GH¢97,138 recorded in 2011.

The bank total assets also grew by 110 per cent while deposits also increased by 114 per cent. The Board Chairman, Ebenezer Djaney Djagbletey who disclosed this at the 32nd annual general meeting of the bank at Dodowa in the Shai Osudoku District on Saturday said even though the year under review witnessed the stagnation of businesses due to the rise in costs and prices of vital inputs the bank was able to make a moderate profit.

He said conscious and systematic efforts were being made to increase the fortunes of shareholders through growth and expansion.
Total income of the bank increased from GH¢681,494 in 2011 to GH¢1,136,150 for the period, representing an increase of 67 per cent
Mr. Djagbletey stated that the bank had opened micro-finance outfits at Adenta, Zenu at Ashaiman, Doryumu, Dodowa and Nkurakan in the Eastern Region to serve its growing number of customers.

“These investments would guarantee the profitability of the bank hence increase the shareholders’ worth.”
Mr. Djagbletey said the bank would consolidate the gains made by increasing its clientele base, through funds mobilisation, review the corporate plan to make it responsive to changing dynanics as well as develop the micro finance sector to make it more vibrant.

He cited the unresolved T-24 electronic platform, mushrooming of countless Susu and loans operative in the country,  appointment of an authorised debt agency by the Greater Accra chapter and the proposal by the  rural community banks to print out their own cheque books as some of the challenges faced by  banks.

The Managing Director of the ARB Apex Bank, Mr. Kwadwo Aye Kusi in a speech read on his behalf urged the bank to do more by way of effective deposit mobilisation and cost control  reduction.

He urged the bank to put in place pragmatic and realistic programmes and policies to sustain and consolidate their operations.
He stressed the need for the bank to put in place effective risk management policies to mitigate the threats and vulnerabilities which were likely to impact negatively on the operations of the bank.

He also called on the bank to consider merger with other RCBs as to take advantage of the synergies of mergers.  By Lawrence Akpalu

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