Fiaseman Rural Bank makes profit

Fiaseman Rural Bank Limited made a pre-tax profit of GHC6,007, 260 in 2018 representing 29 per cent as against GHC4,659,640 in 2017.

Osagyefo Amanfo Edu VI, Chairman of the Board of Directors of the bank, made this known at the 31st Annual General Meeting (AGM) of shareholders of the bank held at Bogoso in the Prestea Huni-Valley Municipality of the Western Region.

He said the Bank's total deposits grew significantly from GHC85, 095, 200 in 2017 to GHC111, 408, 300 in 2018 representing 31 per cent.

The chairman said the Bank's loans and advances stood at GHC43, 423, 000 representing 26 per cent in the year under review, while the investment portfolio also increased from GHC47,190, 400 in 2017 to GHC60, 243, 800 in 2018.

He announced that the Bank's total assets grew up from GHC100, 925, 900 in 2017 to GHC130, 685, 200 in 2018.

According to the chairman, the board recommended payment of GHC1,805,535 as dividend to shareholders in 2018 as compared to GHC1,672, 500 in 2017.

He added that the shareholder's fund of the Bank had also increased from GHC8, 407, 900 in 2017 to GHC13, 499, 600 in 2018.

On Corporate Social Responsibility, Osagyefo Amanfo Edu VI, said the Bank spent GH 72, 741 on its operational communities in the areas of agriculture, education, health and sanitation.

He said in spite of the challenges in the banking industry, Fiaseman Rural Bank received six prestigious awards in the year under review.

The Bank won the Best Rural Bank of the year at the Chamber Business Awards and was also adjudged the second runner-up in Loan financing bank at the Rural Banking Excellence Awards.

He promised that the board would deepen awareness of their newly introduced FORT and car owner loans products this year.

In a speech read on behalf of the Managing Director of ARB Apex Bank Limited, Mr Kojo Mattah said in addition to the impressive performance enumerated by the chairman, the Bank maintained its strong status according to their Efficiency Monitory Unit (EMU) report at the end of 2018.

He said with a capital of GHC3.1million, Fiaseman Rural Bank was part of the 107 Rural and Community Banks (RCBs) that have already complied with the GHC1 million minimum capital requirement set by the Bank of Ghana.

"This gives you a firm financial base and position adequately to deepen financial intermediation in your catchment area," he said

The Executive Director of the Association of Rural Banks (ARB), Ghana, Mrs Comfort Owusu, on her part, said the efforts of Fiaseman Rural Bank to raise the living standards of the rural folks really give credence to one of the key objectives of rural banking poverty alleviation.