Fiaseman Rural Bank makes remarkable progress

Bogoso (W/R)- Fiaseman Rural Bank, a leading rural bank, recorded a pre-tax profit of GH5,457,966 last year.

The figure constitute 23 per cent rise over GH4, 448,142 made by the bank in 2016.

Total assets of the bank rose from GH89,147,674 to G05,114,665, representing an increase of 18 per cent, while deposit mobilization rose by 23.4 per cent from GH 68,962,985 to GH85,095,260, all within the same period.

The bank’s investment also increased by 20 per cent, from GHC 39, 289,682 to GH 47,190,458.

Speaking at the 30th annual general meeting of shareholders at Bogoso, the Board Chairman, Osagyefo Amanfo Edu VI, said despite the redundancy exercise being carried out by major mining companies, the ban on small scale mining and poor yields in cocoa farm produce within the operational area of the bank made remarkable progress.

Osagyefo Amanfo Edu VI said the significant achievement was due to prudent measures introduced by the board and implemented by the management.

He said the bank’s loan portfolio also grew by 32 per cent from GH29,045,938 to GH 38,352,688, while shareholders fund increased from G0,752,08 to G2, 349, 498, represented 16 per cent.

On corporate social responsibility, Osagyefo Amanfo Edu VI, said the bank spent a total amount of GH248,571 on farming programmes, education, health and sanitation for their catchment communities.

He assured customers and shareholders that the bank would continue to pursue their interests.

For the workers, he said, opportunities would be created for them to build their capacities through internal and external training programmes.

Mr Kwaku Ababio, Chief Financial Officer of the ARB Apex Bank, commended the bank for its splendid performance.

Source: Ghana News Agency