Fiagya Rural Bank records net surplus

Busunya, (B/A), Aug. 11, GNA - Fiagya Rural Bank in the Nkoranza North District of Brong Ahafo recorded a net surplus of GH¢ 81,842.00 as at December last year, as against GH¢ 38,165.00 the previous year, Professor Kwasi Nsiah-Gyabaah, Chairman of the Bank's Board of Directors said at the weekend.

Addressing the 24th Annual General Meeting of the bank, he said the total assets also increased from GH¢ 1,650,309.00 to GH¢ 2,404,348.00 whilst total deposits recorded a 41.58 per cent increase from GH¢ 1,477,969.00 to GH¢ 2,049,980.00.

The bank's total investments amounted to GH¢ 760,000.00 exceeding the previous year's by 16.92 per cent while total advances was GH¢ 1,098.09 as against GH¢ 665,412.00 in the previous year, Prof. Nsiah-Gyabaah said.

He, however, noted that the ordinary share capital of the bank, which was GH¢ 58,122.00 was below the minimum requirement of GH¢ 150,000.00 set by the Bank of Ghana and urged shareholders to increase their shares to at least GH¢ 100.00 to enable the bank to declare dividends to them.

Prof Nsiah-Gyabaah assured the shareholders of efforts being made by the bank in all major areas of operation to support them financially.

All agencies of the bank were using computers and other modern gadgets to ensure efficient and effective service delivery and they would soon be networked for customers to access their accounts from their areas, Professor Nsiah-Gyabaah said.

He announced that the e-Zwich product had been deployed in all the agencies and people possessing the smart card could do business with the bank for effective transactions.

Mr Akwasi Owusu-Sekyere, Manager of the bank, said it had set up a micro-financing scheme for groups of people with common economic activities, hence traders, farmers, agro-processors, livestock and poultry farmers could apply for it.

He urged those who had already collected the loans to use them judiciously and do well to pay back so others could benefit. 11 Aug. 09