FIASEMAN BANK DECLARES PROFIT (PAGE 22, OCT 12, 2010)

THE Fiaseman Rural Bank Limited at Bogoso in the Prestea-Huni Valley District in the Western Region recorded a profit of GH¢331,593.28 in 2009, representing 77.32 per cent as against GH¢187,009.67 recorded in 2008.
The bank granted loans and advances of GH¢2,159,142.71 to 2,300 of its customers in the year under review as against GH¢1,726,574.31 given out in 2008.
Forty-eight of the 2,300 loan beneficiaries were women, which emphasised the bank’s inclination towards gender economic empowerment.
The bank’s total investment increased from GH¢1,874,250.70 to GH¢3,413,792.04, representing 82.15 per cent growth, while total shareholders’ funds increased from GH¢780,023 in 2008 to GH¢1,076,819.59, showing a growth of 38.05 per cent.
Total deposit of the bank also grew from GH¢3,458,434.80 in 2008 to GH¢5,193,185.99, which was achieved through aggressive deposit mobilisation drive and quality customer service delivery.
The bank declared a dividend of GH¢75,540.25 to be paid to the shareholders for 2009 as against GH¢44,275.44 paid in 2008.
The Chairman of the Board of Directors of the bank, Osagyefo Nana Amanfo Edu VI, announced these at the 22nd annual general meeting of shareholders of the bank at Bogoso.
He said the bank, in collaboration with the Community Based Rural Development Project (CBRDP), provided credit and technical assistance in support of small-scale fish farming in some parts of the catchment area of the bank.
He said a total of GH¢16,386.26 had already been disbursed to beneficiaries under the scheme.
Osagyefo Edu said the bank spent a total of GH¢3,900 on its corporate social responsibilities during the year under consideration as against GH¢2,100 spent in 2008, representing an increase of about 86 per cent.
He said under the bank’s new policy to increase community support, it had set aside an amount of GH¢15,108.05 this year, which formed five per cent of the year 2009 profit after taxation to honour and fulfil its social responsibility obligation.