Fiaseman Rural Bank posts GH¢14.4m in profit
The Fiaseman Rural Bank in the Western Region made a profit of GH¢14.4 million last year as against GH¢11 million in 2021.
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Its total assets also rose to GH¢351.9 million as compared to GH¢240.7 million the year before.
The bank’s total investment in treasury bills shot up significantly in the year under review from GH¢109.2 million in 2021 to GH¢175.4 million, representing a growth of 60.67 per cent.
The Chairman of the Board of Directors of the bank, Dr Anthony Sarpong, who announced this at the 40th anniversary celebration of the bank at Bogoso, attributed the progress made to the prudent policies implemented by the bank.
Prudent policies
He said judging from the performance of the bank, celebrating the 40th anniversary on the theme “Four decades of trust and commitment’, the bank was just not celebrating the past, but setting the stage for an even brighter future.
“Our commitment to innovation and excellence will continue to drive us forward: We will explore new technologies, embrace emerging trends and always put our customers at the heart of everything we do”. He added.
Dr Sarpong said, “we are not merely a bank. We are a community, a family and a foundation for dreams. Our vision for the future is clear and to continue building on our successes, embracing innovation and providing unparalleled banking experiences and, therefore, we are committed to empowering our valued customers to achieve all that they aspire to be.”
The board chairman urged customers of the bank to buy more shares to enable the bank to meet Bank of Ghana’s minimum capital requirement for rural banks.
He said anytime shareholders were paid dividends, share purchase went high due to the fact that shareholders ploughed back their dividend to buy more shares.
Expansion
He said as part of the bank’s growth strategy, it had selected some towns within its operational area and opened branches.
“We ensure that proximity to the head office from these branches, as well as operating costs of these branches, are justifiable in terms of costs and benefits before approval by the Bank of Ghana.
The Managing Director of ARB Apex Bank, Alex Kwasi Awuah, said the world was becoming increasingly interconnected thus demanding enhanced efficiency, accessibility and security in financial transactions and therefore it was imperative for banks to embrace these changes, harness the power of technological advancement and leverage the opportunities they presented.
He said though there were challenges ahead, rural banks must navigate with prudence and foresight to enable them to achieve success and emerge stronger.