South Akim Rural Bank posts profit despite Covid

South Akim Rural Bank made gains in 2020 in spite of the predominant adverse economic and financial environment occasioned by the Covid-19 pandemic and depreciation of the Cedi.

Board Chairman of the rural bank Williams Kwadwo Boateng noted the continuous marginal depreciation of the Cedi against the major trading currencies and the volatility of fuel prices coupled with the Covid-19 pandemic led to inevitable financial and economic downturn for the banking sector.

This, he said, led to unfavorable conditions for banks to thrive.

Nonetheless, the South Akim Rural Bank sailed through to improve on operational results achieved in 2021.

Mr Kwadwo Boateng said the financial institution witnessed a positive out-turn and significant improvements in its key financial indicators – deposits, investment and total asset.

He pointed out that management is poised to sustaining and improving on these achievements.

William Kwadwo Boateng is the Board Chairman of South Akim Rural Bank

According to him, South Akim Rural Bank’s success was from prudent investment as well as impressive growth in investment which resulted in an appreciable profit increase of 61.5 percent before tax.

Mr Kwadwo Boateng assured its shareholders that when Bank of Ghana gives approval, dividends will be paid all of them.

He clarified that an appeal has been made to the Central Bank to reconsider its directive on the non-payment of dividend to shareholders for the 2019 and 2020 financial years.

On future strategies, the board chairman said the rural bank will embark on strategic alignment of operational policies with statutory and regulatory demands and take advantage of the agency model being spearheaded by the ARP Apex Bank to reach out to clients and the general public towards the financial inclusion agenda of government.

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They will also expand operational activities and prioritize health and safety of its workforce and customers as the world is yet to come out of the Covid-19 crises.

By Yvonne Neequaye||Ghana