The Sefwiman Rural Bank has voted GH¢1.7 million for development of agricultural sector by creating employment opportunities and increasing income of the people in the western region.
34 per cent of five million cedis has associated by the bank as a loan to support the agricultural sector development by next financial year.
Dr Francis Aboagye-Okyere, The Board Chairman of the bank, has revealed this during the 9th annual general meeting of the bank by saying that funding provides benefits to different areas such as piggery, cocoa inputs, poultry, milling, rice cultivation, and vegetables farming.
He stated that the bank provided GH¢1,000,000 as loan in agricultural sector during last year, from which 3 million loans granted to their clients.
Dr Aboagye-Okyere revealed that there is six percent increase in net profit which the bank has made, in 2014 net profit was GH¢265,470.98 while it was GH¢251,502.03 in last year, it shows that there is six percent increase in net profit of the country.
Total assets of the bank has grew from GH¢6.1 million to GH¢8.7 million, it shows 43 percent increase in two years, 2013 to 2014.
However investment of the country has grew from GH¢2.2 million to GH¢3.75 million, during 2013 to 2014, representing 71 percent increase.
Dr Aboagye-Okyere has also mentioned the increase in loans and advances as well as customer’s deposits from 2013 to 2014.
He said the loans grew from GH¢2.3 million to GH¢3. Million, representing 34 percent increase and customer’s deposits has grew from GH¢4.35 million to GH¢6.95 million, representing increase of 60 percent.
He said the increase in deposits is due to the hard working of staff members, he emphasized them to keep working hard for the development of the country.
Mr Kwadwo Aye Kusi, The Managing Director for ARB Apex Bank has urged the rural banks to make stronger their management structure for their finance improvement.
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