By: David Amoateng & Alex Ababio
Sekyere Rural Bank PLC recorded total savings of GHS 73,415,256 in 2023, a 23% increase compared to the GHS 59,682,490 achieved in 2022. Fixed deposits also grew, with figures reaching GHS 32,513,393 in 2023 compared to GHS 28,881,619 in 2022.
Speaking during the presentation of the Bank’s 2023 Annual Report and Financial Statements at Mamponteng in the Kwabre Municipality, Ashanti Region, the Board Chairman, Dr. Noble Francis Denteh, stated, “Our Susu savings and other deposit initiatives significantly contributed to this growth, accounting for GHS 51,272,465 in 2023, up from GHS 39,259,247 in 2022.”
Dr. Denteh highlighted that the bank’s deposit mobilization drive showed remarkable strength, achieving a growth rate of 24% in 2023, an improvement from the 19% growth recorded in the previous year.
He noted, “It is heartening to see almost all our deposit products registering substantial growth, with demand deposits, Susu, and other savings leading the way.”
Regarding the bank’s stated capital, there was a marginal increase of 2% during the year under review.
On the subject of profitability, Dr. Denteh emphasized, “Unfortunately, the bank experienced a significant decline of 395% in profit before tax in 2023.
This drop was largely due to impairment losses on bonds exchanged under the Domestic Debt Exchange Programme (DDEP) in 2022 and additional impairments on exchanged bonds that auditors could not assess due to uncertainties at the time. As a result, our 2023 accounts had to absorb these challenges.”
The report underscored the bank’s resilience despite the hurdles, with a strong emphasis on strategic growth in savings and deposits.