Fiaseman Rural Bank PLC at Bogoso in the Western Region, has recommended payment of GH￠ 2.7 million worth of dividend to its shareholders for the 2022 financial year.
Although the Bank encountered challenges, the Board of Directors, Management and some prominent personalities worked hard to make way for the approval.
Dr Anthony Sarpong, the Board Chairman of Fiaseman Rural Bank PLC, announced this at the 34th Annual General Meeting (AGM), to discuss the 2021 and 2022 annual report.
“Currently we are paying 0.86 per cent of our dividend per share to shareholders, compared to 0.6 per cent paid in the last year, which is a plus to the current board and management.
It also shows a good sign that the bank is doing well, and going forward we may even be able to pay GH￠1.00 per share,” said the Board Chairman.
On the bank’s performance, Dr Sarpong stated that despite the economic challenges, Fiaseman Rural Bank PLC performed incredibly well by recording an impressive profit before tax of GH￠14, 398, 799 in 2022, as against GH￠11, 099, 819 in 2021 representing a growth of 29.72 per cent.
This, he explained, was due to the astute leadership style of the Board, Management and staff to ensure better returns for all stakeholders.
The Board Chairman said the total assets of the bank grew from GH￠240, 708, 291 in 2021 to GH￠351,893, 819 representing 46.19 per cent, added that, “Every bank thrives on deposit and I am glad to inform you that the deposit of the bank grew from GH￠208, 240, 311 in 2021 to GH￠308, 273,143 representing 48.03 per cent.
He mentioned that the banks’ investment in Treasury Bills and other investment increased from GH￠109, 216, 538 in 2021 to GH￠175, 373, 811 representing a growth of 60. 57 per cent.
The Board Chairman said out of the total investment in government securities, GH￠18, 281, 575 constituted bonds which were affected by the DDEP and same was exchanged for GH￠19, 733, 935. (including accrued coupon).
Additionally, he revealed that the shareholders’ funds appreciated by 28.76 per cent from GH￠24, 507, 853 in 2021 to GH￠31, 555, 106 in 2022, while a total of GH￠163, 518 was spent in relation to Corporate Social Responsibility.
The bank awarded scholarship to 23 tertiary students, donated two motorbikes to the Ghana Police Service at Prestea, constructed a police post at Bawdie, supported Appiatse disaster victims, Ghana Education Service training of new teachers and rehabilitated the regional directorate, assisted the Ghana National Association of tailors and dressmakers, and the Ghana National Fire Service, Dr Sarpong added.
He said at the Ghana Club 100 awards, the bank placed 53rd position, and in the Association of Rural Banks Ghana – the bank won the Best Regional Rural Bank-Western Region and was also placed among the top 15 companies in the Wassaman Entertainment Awards in 2022.
On the outlook for the coming years, the Board Chairman stressed that “Looking at the significant role your bank is playing in the Rural bank in sub-sector, it is incumbent upon us to maintain the momentum so as not to be taken by events.
The board is poised to invest in human capital since every sustainable business thrives on well-trained human resources.”
Again, the bank shall deepen its quest to serve its esteemed customers with the state-of-the-art technology given the digitalisation of the banking industry.
The bank is also collaborating with ARB Bank PLC to take advantage of the mobile and Agency Banking Application which would take off in the fourth quarter of 2023.
In view of this, the Bank was entreating its cherished customers to take advantage of the new developments when rolled out, Dr Sarpong advised.
He expressed appreciation to their forefathers who established the bank, patrons in development, regulators, traditional authorities, shareholders, customers, past and present directors, management and staff for their dedication and commitment all these years.
Mr Alex Kwasi Awuah, the Managing Director of ARB Apex Bank PLC, appealed to the Government to release their locked-up funds and reduce the tax on rural banks to use those monies to develop their respective operational areas.