Fiaseman Rural bank declares net profit

Fiaseman Rural Bank Limited in the Western Region has held its 25th Annual General Meeting at Bogoso with the declaration of a net profit of GH¢1,828,387.00 for the 2012 financial year.

The bank also improved considerably in the major performance indicators, which include total assets, total deposits, investments, advances, paid-up capital and net worth.

This was contained in a report presented by the Chairman of the Board of Directors, Nana Amanfo Edu VI.

He said the total assets of the bank grew by 55 per cent from GH¢18,379,615.00 in 2011, to GH¢28,480,355.00 in 2012 while the total deposits increased from GH¢15,267,197.00 in 2011 as against GH¢22,955,355.00 in 2012.

The Chairman of the board said an analysis of the deposits showed that while time deposit grew by 107 per cent, savings and Asetenapa Susu deposits each grew by 70 per cent, indicating that the micro-finance target groups are imbibing the saving culture.

Nana Amanfo Edu VI said the bank offered considerable and diversified credits to its customers growing advances by 75 per cent from GH¢5,785,875 in 2011, to GH¢10,123,745 in 2012.

He said the bank did not only increase its lending but also improved on its provision for bad and doubtful debts.

In a speech read on his behalf Mr Kwadwo Kusi, Managing Director, ARB Apex Bank Limited, congratulated the bank on being rated among the first three strong rural banks in the country by the Efficiency Monitoring Unit of the ARB Apex bank.

He said the achievement of Fiaseman Rural Bank has helped to raised high the image of rural banking in Ghana.

Mr Kusi said with the impressive financial position posted by the bank in rural banking industry amidst the stiff competition in financial services in general, the corporate entity requires consistent management of resources to achieve sustainable growth.

He asked them to offer innovative products and improve customer service delivery to remain competitive while providing suitable return to shareholders.

Mr Kusi asked the bank to take advantage of the changing trends in the economy to review their business process and improve their business model to take advantage of new sources of income.