The Fiaseman Rural Bank made a profit before tax of GH¢672,823.78 compared to GH¢331,593.28 in 2009, representing a growth of 103 per cent.
As a result of this success, the board of directors of the bank has recommended that GH¢142,526.21 be paid as dividend as against GH¢75,540.25 paid in 2009, representing an increase of 89 per cent.
A dividend per share now, therefore, is GH¢0.0060 as against GH¢0.0032 paid in 2009, also representing an increase of 88 per cent. The share price of the company is still 0.08 pesewas.
Nana Amanfo Edu VI, board chairman of the bank, who announced this at the 23rd annual general shareholders meeting at Bogoso attributed the success to the buoyant growth experienced by the national economy.
According to him, there was major improvement in almost all the economic fundamentals of the country with the major being the achievement of a single digit inflation of nine per cent by December last year.
Nana Edu said a reduction of the Central Bank prime rate from 18 per cent to 13.5 percent during the year under review, also contributed to their successes.
Nana Edu said the year also witnessed the beginning of commercial crude oil production in the country and the continuous rise in the prices of their commodities was boosting confidence in banks.
He said they expect that the oil production shall exert positive impact on the Ghanaian economy very soon.
On loans and advances, Nana Edu said gross advances grew from GH¢2,159,142.71 to GH¢3,324,321.47, an increase of 54 per cent.
The board chairman said despite all the successes, the 91-Day Treasury Bill rate fell from 18.90 per cent in January 2010 to 11.92 per cent by December 2010, indicating a drop of 36.93 per cent.
The managing director of ARB APEX Bank, Mr. Eric Osei – Bonsu, in a speech read for him, congratulated the stakeholders of the bank for their remarkable performance over the years
He said the bank has all the potential to succeed and economically empower their community.
Mr Osei-Bonsu, therefore, urged the management to position the bank to meet not only the emerging competition but also to take advantage of the enormous business boom arising out of the oil that is expected to drive the economy.