Fiaseman Rural Bank Limited has held its 32nd General Annual Meeting (AGM) for its shareholders at Bogoso in the Western Region.
During the meeting, the shareholders and board of the bank discussed the 2020 monetary report, assumptions for ensuing years and plans intended to expand the banks fortunes.
Mr Kojo Appiah-Annin, the Board Chairman of Fiaseman Rural Bank Limited stated; Ghana’s economy in 2020 was hostile due to the effect of the COVID-19 Virus which was experienced across the globe however, regardless of the difficulties, Fiaseman Rural Bank was able to accomplish unassuming add-ons in its exhibition.
He said, the bank recorded a pre-charge benefit of GH¢4,571, 228.00 in the year under survey as against GH¢4,463 and 781.00 in 2019. These figures clarified that there was a development of GH¢10,447.00 addressing two rate changes.
As per the board seat, absolute store risk fundamentally developed from GH¢133,176,009.00 in 2019 to GHS 193,597,271.00 addressing a rate increment of 45.36 percent, while credits and advances portfolio likewise shot up from GH¢61,686,282.00 in 2019 to GH¢71,164,321.00 addressing a positive rate development of 15.36 percent.
Moreover, he said, speculation had expanded from GH¢67,243,828.00 in 2019 to GH¢110,186,381.00 addressing 63.86 percent, while complete resource as at December, 2020, remained at GH¢219,663,359.00 contrasted with the earlier year of GH¢157,116,576.00 expanded totally by GH¢6,254,783.00 addressing a development of 39.80 percent.
He added that investors reserve expanded from GH¢16, 106, 523.00 to GH¢18, 292, 169.00, an outright difference in GH¢2,185.646.00 addressing 13.56 percent, while GH¢85, 763.00 was spent on gifts and participate social obligation in spaces of horticulture, training, wellbeing, security and diversions. “Our bank will keep on supporting networks, people and establishments inside our catchment regions”.
Moving on, he stated, albeit the bank surpassed the base capitalization necessity of Bank of Ghana by more than 330%, it was to their greatest advantage to hold considerable measure of money to ensure store reserves and furthermore stay fluid to help business techniques.
He reported that “we will proceed with our long-term capitalization system of profit maintenance and I will entreat you to buy more offers to expand the bank’s capital base on the side of future development possibilities”.
Also, the Board Chair said the bank would constantly put premium on human resources through staff improvement with the essential preparing to prepare them to convey consistently.
Mr Appiah-Annin clarified that “our obligation to surpassing clients’ assumption through the presentation of customized administrations and inventive item would be developed to hold and build our portion of the overall industry” and said thanks to the investors for their help and consolation.
As part of the meeting Mrs Comfort Danso Yeboah, was chosen as one of the director elect to succeed Mr Peter Anane Assan, the director who went on retirement this year.
Mr Jonathan Nkrumah Eshun, Manager, Agona Nkwanta part of ARB APEX Bank energized the governing body, the board, staff, investors and clients of Fiaseman Rural Bank for supporting their development.