Fiaseman Rural Bank adjudged the best, 2015

The Fiaseman Rural Bank Limited has been adjudged the best out of 141 rural banks by the ARB Apex Bank Efficiency Monitoring Unit Report for 2015.

The bank maintained consistent improvement in its operations and received a gold prize at the first Western Regional Financial Service Excellence Award.

Osagyefo Amanfo Edu VI, the Board Chairman of the Bank, made this known at the 28th Annual General Meeting at Bogoso.

He said the bank recommended a total dividend payment of GH¢870,769 in 2015 as against GH¢606,922 in 2014, representing 43 per cent increase over that of 2014.

He said the bank declared a profit after tax of GH¢ 3,374,887 in 2015 representing 18.4 per cent increase from GH¢ 2,849,466 recorded in 2014.

It made a total deposit of GH¢ 33,806,562 in 2014 as against GH¢ 51,692,788 in 2015, an increase by 52.91 per cent while the net advance shot up from GH¢ 16,412,229 to GH¢22,061,358.

The Board Chairman said the bank would work towards achieving its objectives in order to maximise returns from the shareholders.

The bank’s short term investment grew by 66.93 per cent from GH¢17,555,350 in 2014 to GH¢29,304,537 in 2015 while shareholders fund increased from 6,360,562 to 8,050,172 within the year under review, representing a growth of 27 per cent.

The bank’s total assets also grew from 46,476.665 in 2014 to 67,171,251 in 2015, representing an increase of 45 per cent.

Osagyefo Edu, therefore, appealed to all stakeholders to take advantage of the bank’s investment plan and buy more shares.

On social support, he said the bank spent GH¢133,153.48, to assist its host communities in health, sanitation, education, security and agriculture.

Source: GNA