Fiaseman Rural Bank makes more profit
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The bank offered considerable and diversified credit facilities to its customers, growing advances by 75 per cent from GH¢5,785,875.00 in 2011 to GH¢10,123,745 in 2012.
During the year under review, the bank also disbursed a total of GH¢15,506.65 towards its corporate social responsibility obligation, out of which GH¢6,400, representing 41 per cent went into the award of scholarships to needy brilliant students in the bank’s catchment areas.
The Chairman of Board of Directors of the Fiaseman Rural Bank Limited, Nana Amanfo Edu V1, announced this at the 25th annual general meeting of shareholders of the bank at Bogoso in the Prestea-Huni Valley District in the Western Region.
He said shareholders funds improved significantly by 47 per cent, from GH¢2,077,688 in 2011 to GH¢3,047,799 in 2012.
He said the board of directors had proposed GH¢385,947 to be paid as dividend in 2012, as against GH¢207,964.10 paid in 2011, representing an increase of 86 per cent.
Nana Amanfo Edu said the total assets of the bank grew by 55 per cent from GH¢18,379,615 in 2011 to GH¢28,480,355 in 2012, while total deposits increased from GH¢15,267,197 in 2011 to GH¢22,955,339 in 2012, growing by 50 per cent.
He said total investments also grew by 51 per cent from GH¢8,042,438 in 2011 to GH¢12,157,916 in 2012, with investments in government securities constituting about 59 per cent of total investments in 2012.
Nana Amanfo Edu said the bank continued to practise excellent corporate governance culture as required by mandatory legal provisions, and that the board ensured good internal control processes and compliance with regulatory requirements, as well as strict adherence to rules and regulations.
The Managing Director of the ARB Apex Bank Limited, Mr Kwadwo A. Kusi, in an address read on his behalf, said the outstanding performance of the Fiaseman Rural Bank in the rural banking industry amidst the stiff competition in the financial services industry in general, required consistent management of its resources to achieve sustainable growth.
He therefore urged management of the bank to offer innovative products and improve customer service delivery to remain competitive, whilst providing a suitable return to all stakeholders.
He called on the board of directors to take advantage of the changing trends in the economy to change the business processes and models to take advantage of new sources of income.
Story: Kwame Asiedu Marfo