Bogoso (W/R), June 28, GNA-Fiaseman Rural Bank Limited has recorded a profit before tax of GH￠11, 099, 819 in 2021 as compared to GH￠4, 571, 228 in 2020.
This represents a growth of 142.8 per cent.
Mr Kojo Appiah-Annin, the Board Chairman of Fiaseman Rural Bank Limited, announced this at the bank’s 33rd Annual General Meeting (AGM) held at Bogoso.
He said the impressive performance recorded by the bank was the result of prudent leadership initiative by the board, management, and staff to ensure good returns for their shareholders.
According to him, the bank’s total deposits increased from GH￠193, 597, 271 in 2020 to GH￠208, 240, 331 in 2021 representing approximately eight per cent growth.
He said total assets grew from GH￠220, 831, 464 in 2020 to GH￠240, 708, 290 last year, while capital also moved up marginally from GH￠4, 393, 347 in 2020 to GH￠4, 400, 677 in the year under review.
“Shareholders much as we have exceeded the Bank of Ghana’s minimum capital requirement of GH￠1,000, 000, I wish to humbly encourage all to buy more shares to increase the stated capital for growth and also enjoy the other related benefits” Mr. Appiah-Annin said.
On investment portfolio, the Board Chairman said witnessed a decline from GH￠110, 186, 381 in 2020 to GH￠109, 216, 538 last year and shareholders fund appreciated by 34 per cent from GH￠18, 292,170 in 2020 to GH￠24,507,753 in 2021, representing an absolute change of GH￠6, 215, 683.
He stated that the total advances for the period under review increased by 20 per cent from GH￠72,332,421 in 2020 to GH￠86,429,373 last year.
Mr Appiah-Annin admonished all customers with loan arrears situation to endeavor to make necessary repayment arrangements to enhance the fortunes of the bank.
On Payment of dividend, the Board Chairman indicated that the bank could not pay its shareholder’s dividend for 2019 and 2020 pursuant to the Bank of Ghana’s directive that suspended the distribution of dividend.
“We sincerely empathise with you for the situation. The Board is, however, pleased to recommend the payment of dividends to the tune of GH￠2, 429, 473.85.75 for the year ending December, 2021” he added.
Mr Appiah-Annin said “to underscore our resolve to generate superior value for you, the Board is excited to propose a dividend per share of GH￠0.069 representing a return on investment of 34.5 per cent”.
On the Way forward, he said in consideration of the economic challenges regarding the need for the government to address the fiscal deficit, revenue generation, rising inflation, interest, and exchange rates in the first quarter of 2022, combined with global economic pressures and the results of rising crude oil as well as the effects of Ukraine war, the bank seeks to be more prudent in its strategic decisions so to protect shareholders’ interest.
Mr Appiah-Annin noted that the bank would also deepen the technology solutions to serve their clients given the digitization and the E-levy proposals commitments by the government, adding that, the bank had introduced an exciting product called the “Smart Loan” to expand the service standard.
He said, “subject to a resolution from last year’s AGM for the constitution of a fairly balanced committee, that would be responsible to review the banks constitution to reflect current regulatory compliance and requirements, they request herewith for the adoption of their constitution as updated”.
The Board Chairman expressed appreciation to their colleague directors, the management, and entire staff of Fiaseman for their dedication and called on them to work harder to improve the fortunes of the bank in the years ahead.
The shareholders lauded the bank for its outstanding performance for the year under review and encouraged management and staff to keep up their excellent work.
GNA