Figya Rural Bank makes profit

Shareholders of the Figya Rural Bank at Busunya have held their 29th Annual General Meeting (AGM) and declared a net surplus of GH¢276,224.00, representing 21.9 percent increase over the previous year’s record of GH¢226,418.00.

They unanimously agreed not to share any dividend but rather add the profit to the Bank’s capital so as to meet the minimum requirement and standard GH¢300, 000 as ordered arranged by the Bank of Ghana for all rural banks.

Professor Kwai Nsiah-Gyabaah, Chairman of the Board of Directors of the Bank, said deposits increased from GH¢4, 705,605.00 to GH¢5, 822,174.

Prof. Nsiah-Gyabaah also said the shareholders fund recorded GH¢1, 045,050.00 as against the previous figure of GH¢770,546, also an increase of 34 percent, while the Bank’s total assets increased by 30 percent and recorded GH¢77, 776,299 as compared with GH¢ 5,965,334 of the past year.

The Chairman also praised the staff and workers of the Bank for their hard work and efforts in chalking successes for the institution, saying in spite of the financial challenges facing the country the bank was able to make profit.

He called on customers who took loans from the Bank to pay for others also to benefit.

Mr. Mike Adjei Odoi, the Brong Ahafo Regional Manager of the Association of Rural Banks (ARB) APEX Bank, commended the Bank for its impressive performances and said the Bank was among the best in the country.

The president of the Brong Ahafo Chapter of the Association of Rural Banks, Mr. Kofi Bonsu Boakye-Boateng, urged shareholders of the bank to increase their share capital for the Bank to lay sound financial foundation.