Fiaseman Rural Bank sees growth in balance sheet

FIASEMAN Rural Bank in Bogoso in the Western Region recorded a profit before tax of GH¢ 36,976,180 in 2023 as against GH¢ 14,398,799 in 2022, representing a growth of 156.8 per cent. 

The chairman of the board of directors of the bank, Dr Anthony Sarpong, attributed this to the leadership style by the board, management and staff of the bank during the 35th Annual General meeting at Bogoso in the Western Region over the weekend.

Total assets and deposits  

He said the total assets of the bank grew from GH¢ 351,839,819 in 2022 to GH¢ 536,656,896 in 2023, representing 52.5 per cent growth, while the deposit grew from GH¢ 308,273,143 in 2022 to GH¢ 465,198,588, representing 50.9 per cent.

He said the stated capital of the bank also rose from GH¢ 5,311,362 in 2022 to GH¢ 8,193,558 in 2023, representing 54.26 per cent.

Dividend

Mr Sarpong said for the first time, the performance for the year under review has compelled the board to propose the payment of a dividend per share of GH¢ 0.13 amounting to GH¢ 7,369,778.91 for the year under review as against GH¢ 0.086 per share amounting to GH¢ 2,762384.10 as of 2022.

Investment

He further said investments in treasury bills also increased from GH¢ 175,373,811 in 2022 to GH¢ 192,136,980, representing a growth of 9.56 per cent. Furthermore, medium-term investment in government bonds as of 31st December 2023 stood at GH¢ 20,138,699.00

He said the shareholders funds appreciated by 77.06 per cent from GH¢ 31,55,106 in 2022 as against GH¢ 55, 873,173 in 2023.

Corporate social responsibility

Touching on corporate social responsibility, Mr Sarpong said a total of GH¢ 158,423 was spent in relation to corporate social responsibility which included scholarships to tertiary students, refurbishment of motorbikes for Ghana police service at Bogoso, support to the 2023 farmer's days celebration, among others.

He informed the meeting that the bank was supporting the Twifo Rural Bank Limited to revitalise its operations in other to make it more efficient and said the Fiaseman Investment Fund would be enhanced to monitor the progress of the investment in the Twifo Rural Bank.

He gave the assurance that the bank would continue to remain focused in the pursuit of its market dominance agenda and gave an assurance that the board shall continue to develop proven strategies to sustain the sustainability of the bank while creating sustainable returns to shareholders to intensive deposits, shares mobilisation and loans recovery as well as cost management programmes.

"We shall also continue to invest in technology by exploring other business opportunity in the digital space while minimising and addressing all potential risks within the banking industry," he added.

A former Rector of GIMPA, Professor Stephen Addai, who is also a shareholder, advised the management of the bank to continue to be prudent in the management of the bank and their activities to make the bank a household name in Ghana.

“Being one of the best rural banks in the country, it will be very sad if the management of the bank do not use their expertise to position the bank in its rightful place in the rural banking industry of Ghana,” he added.