Fiaseman Rural Bank Limited has been ranked the leading strong rural bank in the country for 2013, according to a report by the Efficiency Monitoring Unit (EMU) of the ARB Apex Bank Limited.
The report noted that an overall assessment of the performance of Rural Community Banks (RCB's) using the weighted average scoring for composite rating, was undertaken before the bank was finally adjudged the front runner out of the enlisted 136 banks in Ghana.
The Bank also recorded a tremendous success in the Ghana Club 100 ratings, moving from 87th in 2011 to the 36th position in 2012.
The board chairman of the Bank, Nana Amanfo Edu the sixth, made this known when he addressed shareholders during the Bank's 26th Annual General Meeting at Bogoso at the weekend.
Nana Edu explained that the meeting was convened to enlighten the various shareholders on the happenings of the bank in the business sector in 2013, adding that the year under review brought into being very tumultuous times for the Ghanaian economy.
This development, he said, was the result of the decline in the price of gold, which eventually impacted negatively on the operations of the bank whose operating environment is heavily driven by mining activities.
Nana Edu noted that despite the stark economic challenges, the bank recorded competitive and progressive results in all the major financial indicators.
He explained that the bank recorded a growth of 37 percent in its present tax profit, gaining GH� 2,502,768 in 2013 as compared to GH� 1,828,387 the previous year.
This contributed to the board, paying an amount of GH�532,971 as dividends to shareholders, representing a 38 percent increment from that of 2012.
He however, pointed out that despite these positive results there is an urgent need for the bank to shore up its stated capital of GH�282,444, which falls below the minimum capital requirement of GH�300,000.
He entreated the shareholders to place premium of this regulatory requirement, by purchasing more shares to augment the bank's capital base.
The occasion was also used to commission a new branch of the bank at the Bogoso Market Area dubbed: the 'Sikafie Branch'.
Nana Edu said this was part of plans to bring the bank�s services to the doorsteps of its clients.
He said the bank is constructing a modern office at Aboso, while the Prestea branch will be completely refurbished this year.
The bank also, as part of its corporate social responsibilities, has constructed a 12-seater water closet lavatory for the girls' dormitory of St Augustine's Senior High School, estimated at 34, 640 Ghana cedis.
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