Fiagya Rural Bank records impressive profit

Fiagya Rural Bank at Busunya in the Nkoranza North District, has recorded a net surplus of GHC165, 195.00 in the 2009/2010 financial year.

Total deposit increased from GHC2, 323,125.00 to GHC3, 190,531; investment jumped from GHC1, 055,527 to GHC1, 475,690.00, whilst total assets of the Bank increased by 36.2 percent.

Professor Kwasi Nsiah-Gyabaah, Chairman of the Board of Directors of the Bank announced these at the Bank's 26th Annual General Meeting (AGM) at Bunsunya at the weekend.

He said the previous year's money of GHC2, 839,571.00 increased to GHC3, 866,810.00 with stated capital stretching from GHC120, 700.00 to GHC184, 119.00, representing 52.5 per cent improvement.

Prof. Nsiah-Gyabaah said during the year under review, the Bank released GHC1, 868,576.00 for loans and advances, thus recording 35.1 per cent increase as against last year's amount of GHC1, 383,102.00.

He commended shareholders and customers of the Bank for their contribution to the growth of the financial institution.

Prof. Nsiah-Gyabaah said that the Bank would open a branch in Sunyani and expressed the hope that workers would patronise the facility if it becomes operational.

Mr Kofi Bonsu Boakye-Boateng, Chairman of Brong-Ahafo Chapter of Association of Rural Banks, praised the Bank for the splendid performance, and said it was an outstanding Rural Bank in the country.

He advised staff of the Bank to avoid fraudulent acts and to treat customers politely.

Mr Boakye-Boateng asked shareholders of the Bank to purchase more shares to build a strong financial base for its development.

Mr Clement K. Dadzie, official of Apex Bank Limited, advised management of the Fiagya Rural Bank to employ qualified personnel such as graduates with accounting background.

Mr Akwasi Owusu-Sekyere, manager of Fiagya Rural Bank, appealed to shareholders and customers to inform management about shortfalls in the bank's operations.