Total deposits of the Sekyere Rural Bank hit GH¢54,646,594.00 last year, Mr. Joseph Sarfo-Adjei, the Board Chairman, has announced.
He said this represented a 22 per cent increase over the year 2015 figure of GH¢44,750,041.00.
At the same time, its assets rose from GH¢52,055,991.00 to GH?65,196,264.00.
He was addressing the 28th annual general meeting of the bank held at Jamasi in the Sekyere South District.
Mr. Asafo-Adjei put the net profit on its operations at GH?747,563.86.
He told the owners of the bank that its investment shot up to GH?24,760,510.00 from GH?21,538,481.00 during the period.
He added that there was also a significant growth of the bank’s stated capital – from GH?702,593.64 to GH?1,252,661.29.
The Board Chairman, said being a good corporate citizen, it spent an amount of GH?44,905.00 in support of community development projects.
Dr. Kwadwo Obese-Antwi, the Chief Executive Officer, appealed for tax reduction for Rural and Community Banks (RCB) to enhance their profitability and enable them to effectively compete with the big banks.
He indicated that but for the huge tax paid, the bank could have raised more funds to expand its operation.
Dr. Philip Amakye, National Vice-President, Association of RCB, encouraged the shareholders and customers of the bank to continue to buy more shares.