Fiaseman Rural Bank Limited has held its 32nd annual general meeting for shareholders at Bogoso in the Western Region.
The shareholders during the meeting discussed the 2020 financial report, expectations for subsequent years and plans designed to increase the banks fortunes.
Mr Kojo Appiah-Annin, the Board Chairman of Fiaseman Rural Bank Limited, in his address said, Ghana's economy in 2020 was not spared the adverse impact of the COVID-19 pandemic experienced across the globe and despite the challenges, Fiaseman Rural Bank achieved modest gains in its performance.
He said the bank recorded a pre-tax profit of GHS 4, 571, 228.00 in the year under review as against GHS 4, 463, and 781.00 in 2019 and explained that there was a growth of GHS 10, 447.00 representing two percentage change.
According to the board chair, total deposit liability significantly grew from GHS 133,176, 009.00 in 2019 to GHS 193, 597, 271.00 representing a percentage increase of 45.36 percent, while loans and advances portfolio also shot up from GHS 61, 686, 282.00 in 2019 to GHS71, 164, 321.00 representing a positive percentage growth of 15.36 per cent.
He said investment on the other hand increased from GHS67, 243, 828.00 in 2019 to GHS110, 186, 381.00 representing 63.86 per cent, while total asset as at December, 2020, stood at GHS 219, 663, 359.00 compared to the previous year of GHS157, 116, 576.00 increased absolutely by GHS 6, 254, 783.00 representing a growth of 39.80 per cent.
He added that shareholders fund increased from GHS16, 106, 523.00 to GHS18, 292, 169.00, an absolute change of GH?2, 185.646.00 representing 13.56 per cent, while GHS85, 763.00 was spent on donations and cooperate social responsibility in areas of agriculture, education, health, security and recreations. "Our bank will continue to support communities, individuals and institutions within our catchment areas".
He said although the bank exceeded the minimum capitalization requirement of Bank of Ghana by over 330 per cent, it was in their interest to hold substantial amount of capital to protect deposit funds and also remain liquid to support business strategies.
He announced that "we shall continue with our five year capitalization strategy of dividend retention and I will encourage you to purchase more shares to increase the bank's capital base in support of future growth prospects".
In addition, the Board Chair said the bank would constantly place premium on human capital through staff development with the requisite training to equip them to deliver at all times.
Mr Appiah-Annin explained that "our commitment to exceeding customers' expectation through the introduction of tailored services and innovative product would be deepened to retain and increase our market share" and thanked the shareholders for their support and encouragement.
Mrs Comfort Danso Yeboah, was elected as one of the board of directors to replace Mr Peter Anane Assan, the vice chairman who went on retirement this year.
Mr Jonathan Nkrumah Eshun, Manager, Agona Nkwanta branch of ARB APEX Bank encouraged the board of directors, management, staff, shareholders and customers of Fiaseman Rural Bank for sustaining their growth.