Management of Fiaseman Rural Bank at Bogoso in the Wassa West District have made a tax profit of GH¢150,800 (1.508 billion cedis) in 2006 as against GH¢114,000 (1.140 billion cedis) in 2005. It also increased its deposit from GH¢ 1.7 million (17 billion cedis) in 2005 to GH¢ 2.46 million (24.6 billion cedis) or 45.7 per cent growth within the period under review. Nana Edu Amanfo VI, Chairman of Board of Directors of the bank announced this in a report presented to the 19th annual general meeting of shareholders at Bogoso at the weekend. He described these achievements "as the most successful story" in the bank's 24 years operation. The bank was second out of the 14 rural banks in the Region and 11 out of the 122 rural banks nationwide in the average year rating by ARB Apex bank. Management granted loans and advances totalling GH¢1,090,000 (10.9 billion cedis) in 2006 as against GH¢670,000 (6.7 billion cedis) in 2005 to customers engaged in agriculture, transport, trading and cottage industries. It disbursed more than GH¢550,000 (5.5 billion cedis) as micro loans to reduce poverty in areas within its jurisdiction. Nana Amanfo gave the assurance that management and the Board in collaboration with Association of Rural Banks (ARB) APEX Bank were working hard to provide better service through repackaging of their products and innovations. These include retraining of staff to position itself for the growing competition in the banking sector. Nana Amanfo said plans were far advanced to computerize its branches at Tarkwa, Prestea, Aboso, Huni Valley and Atieku before the end of the year. Mr Emmanuel Kwapong, Managing Director of ARB Apex Bank in a speech read on his behalf commended management and staff for the bank's "highly impressive performance". He said agreements had been signed with some foreign remittance companies to enable Ghanaians living abroad to transfer fund through ARB Apex Bank to rural banks as part of efforts to increase income of rural banks. Mr Kwapong urged staff of rural banks to work hard and live up to expectation because the present competitive banking environment had made banking operations challenging. He announced that from next year, management of ARB Apex Bank would adopt the criteria provided under section 42 of Basel Committee's paper on supervision of financial conglomerates in the appointment of top personnel of rural banks. This, he said, would include fitness or competence and propriety or integrity that would include satisfactory financial position and professional academic qualification without criminal records. Mr Kwapong advised shareholders to take these criteria into account when electing directors of rural banks. Source: GNA