South Akim Rural Bank declares dividend

The South Akim Rural Bank Limited in the Eastern Region is to pay a total,amount of GH¢417,150 as dividend to shareholders of the bank for the financial year of 2014. The proposed dividend is GH¢ 0.0070 per share.

The amount represents a significant increase as compared to that of 2013 which stood at GH¢378,323.00

The chairman of the board of directors of the bank, Mr.William Boateng announced this at the 30th Annual General Meeting of the Bank at Nankese in the Suhum Municipality.

He said, the micro finance department of the bank,has disburbed a total of GH¢15.5 million to 3470 members in 232 groups from July 2011 to April 2015 in addition to 6362 customers under the Susu Scheme.

He said the bank has introduced new products namely special transport loan scheme, christmas and new year stock advance and school fees loan and therefore urged customers of the bank to participate in the scheme.

Social responsibilty

Mr Boateng said the bank continued to provide support to the communities and individuals as part of its social responsibility with the bank awarding 21 scholarships to students in senior high school in its catchment area thus bringjnb the total go 149 students under the scheme.

"In the year 2013, 20 students benefited and our target remains 30 per year. In addition to this the bank has voted an amount of GH¢75,000 towards an on -going structure at the Nankese Senior High School.

This brings to a total of GH¢290,000 voted for the past five years. We wish to express appreciation to the Nankese community for providing communal labour in support of the construction of the school and also want to call upon the local churches, area council and the assembly to provide financial support to speed up the completion of the school"; he added.

According to Mr Boateng, the bank has also undertaken the renovation and regurbishment of of the old bank building for use as a police station at a cost of GH¢29,184.50 and hoped that the Ghana Police Service would post more personnel to Nankese so as to improve security of the community as well as the bank and nearby villages.

Performance analysis

He said the total assests of the bank increased from GH¢31.6 million to GH¢39.6 million, an increase lf 25 percent in 2014 compared to 19.0 percent in 2013, while deposit base also shot up from GH¢25.8 million to GH¢29.7 million.

The actual advances granted in 2014 totalled GH¢20.4 million compared to GH¢17.7 million in 2013. This is reflected in the growth of 30 percent in outstanding advances from GH¢12.9 million in 2013 to GH¢16.8 million in 2014 while knvestment in securities showed an increase from GH¢11.5 million to GH¢12. 4 million.

Future outlook

Mr Boateng said the micro finance scheme would be resourced and expanded, small and medium enterprises would also be supported and nurtured into prominence, new products and serbices introduced to meet the peculiar needs of customers. These initiatives he said, would be buttressed by vigorous capacity building for all levels of personnels and directors of the bank. — GB