Fiaseman Rural Bank makes good progress

The Fiaseman Rural bank, in the Western Region, at its 27th annual general shareholders’ meeting, declared a significant profit after tax for 2014.

The bank recorded a net profit of GH¢2,851,541.00 representing 14 percent over the GH¢2,502,768.00 made in 2013.

Total assets of the bank increased from GH¢39,372,423.00 to GH¢46, 412,145 yielding a growth of 18 per cent, while deposit liabilities rose from GHC30, 108,802 to GH¢33,806,562 within the same period under review.

The bank’s investment also grew by 14.53 per cent from GH¢15,327.611 to GH¢17,555.350.

Speaking at the meeting at Bogoso, the board chairman, Nana Amanfo Edu VI, said the significant achievement was due to the careful measures introduced by the board and implemented by the bank’s management.

The board chairman said in addition to such remarkable progress, the Efficiency Monitoring Unit of ARB Apex bank report on the performance of Rural and Community Bank (RCB), ranked the Fiaseman Rural bank among the four best in the region.

On social responsibility, Nana Edu VI, explained that the bank had spent GH¢43,270.00 in the health and education sectors in its catchment area.

The bank also disbursed a total of GH¢2,944,958.00 to 1,750 beneficiaries under their Nnoboa Cocoa Scheme, with 100 per cent recovery rate.

He said farmers under the scheme had received farm inputs and training in farm management through the support of their experienced and technical team.

The managing director of ARB Apex Bank Limited, Mr. Kwadjo Aye Kusi commended the bank for its tremendous performance in the year under review.