Fiaseman Rural Bank Limited made a pre-tax
profit of GH¢6,007,260.00 in 2018 against GH¢4,659,640 it recorded in 2017.
Osagyefo Amanfo Edu VI, Chairman of the
Board of Directors of the bank, made this known at the 31 annual general
meeting 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 GH¢85,095,200.00 in 2017 to GH¢111,408,300.00 in 2018
representing 31 per cent.
The chairman said the bank’s loans and
advances stood at GH¢43, 423, 000.00 representing 26 per cent in the year under
review, while the investment portfolio also increased from GH¢47,190, 400.00 in
2017 to GH¢60, 243, 800.00 in 2018.
He announced that the bank’s total assets
grew up from GH¢100,925,900.00 in 2017 to GH¢130, 685, 200.00 in 2018.
According to the chairman, the board
recommended payment of GH¢1,805,535.00 as dividend to shareholders in 2018 as
compared to GH¢1,672, 500.00 in 2017.
He added that the shareholders fund of the
bank had also increased from GH¢8,407,900.00 in 2017 to GH¢13,499, 600.00 in
On Corporate Social Responsibility, Osagyefo
Amanfo Edu VI, said the bank spent GH¢72, 741.00 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
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 GH¢3.1million,
Fiaseman Rural Bank was part of the 107 rural and community banks that have
already complied with the GH¢1million 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. GNA
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