Business News of Monday, 28 May 2012
Fiaseman Rural Bank in its 2011 financial report recorded an impressive pre-tax profit of Gh¢979,851 as against Gh¢672.824 in 2010, representing a growth of 46 per cent.
Nana Amanfo Edu VI, broad chairman of the bank, said this at the 24th annual general meeting of the bank, when he presented his report to shareholders of the bank in Bogoso in the Western region.
He said prudent assets and human capital management accounted for the expected growth.
Nana Amanfo Edu VI explained that, the banks mobilized savings account commanded 52 per cent, current account constituted 24%, fixed deposit formed 11%, Asetenapa susu accounted 10% while 3% remained in the Nnoboa savings account.
On loans and advances, the board chairman said there was a significant increase of 74% in gross advances from the 2010 figure of 3,324,875.00 to 5,785,875.00 in 2011.
He said in fulfilling its co-operate social responsibilities in its area of operation, the bank disbursed a sum of Gh¢37,757 to various institutions and individuals.
Nana Amanfo Edu VI also announced that the bank was awarded the “most efficient rural bank in Ghana” under the bronze category by the Ghana business and financial service excellence awards, under the auspices of the Ministry of Trade and Industry.
He said to ensure that the bank achieve more success in the coming year, they will continue to give face-lift to the branches of the banks as well as improve upon their information technology based services.
In a speech read on behalf of Mr. Duke Osam-Duodu, acting managing director of ARB Apex bank, he commended the board, management, staff and shareholders of Fiaseman Rural Bank Limited for their efforts in improving the institution’s performances yearly.
He however said despite the banks sterling performance, its paid-up capital as at December 2011 stood at Gh¢213,111 as against 179,850 in 2010, representing an increase of about 18%.
Mr. Osam-Duodu said this does not befit a bank of this stature and therefore urged the board, management and shareholders to put in pragmatic measures to attract more capital to meet the cost of expansion and the rising recurrent expenditure associated with computerization.**