Sekyere Rural Bank Posts 246% Profit Rise, Plans More Growth

Sekyere Rural Bank PLC said its profit jumped 246 percent in 2024 and it expects record profit margins by the end of 2025.

The surge, driven by a 57 percent rise in deposits to over GH₵295 million and tighter loan administration, marks a comeback after the setback from the Domestic Debt Exchange Programme.

Chief Executive Officer Michael Aidoo explained that the bank tailored group and commercial loan products to meet customer needs, adding, “We had to introduce facilities that met the needs of our customers. We also strengthened our recovery system, and so we are always on the field monitoring and recovering our loans.”

According to the bank’s Annual General Report, fixed‑deposit growth slowed to 36 percent while other deposit products grew by more than half, a performance the institution attributes to the “hard work and dedication of management and staff.”

Despite the profit gains, the Bank of Ghana has not granted approval for dividend payouts for the 2024 financial year. The central bank’s directive bars banks from paying dividends without written consent.

The Board of Directors, however, reassured shareholders that the strategies put in place to improve the Capital Adequacy Ratio will soon allow dividend distribution, stating, “Given the strategies the board and management have put in place… it will not take long for us to start paying dividends.”

In its corporate social responsibility drive, Sekyere Rural Bank invested GH₵150 thousand in agriculture, education, water projects and other community initiatives.

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