Despite the banking sector reforms which have taken a toll on businesses across the country, the Builsa Community Bank (BUCO Bank) has seen a total asset increase by 18.01 percent from Ghc30.5 million the previous year to GHc36 million in 2019.
Chairperson of the Board of Directors of the bank, Akanbangbiem Agamu Asokea, announced this during the 20th Annual General Meeting of the shareholders of the bank, held at Sandema in the Builsa North District of the Upper East Region.
According to her, the net profit of the bank before tax also recorded an increase of Ghc921, 748 at the end of the year 2019; which is an increase of 2. 89 percent from the amount of Ghc895, 848 recorded in 2018.
“As at the end of the year under review, the Bank was rated strong by the Efficiency Monitory Unit (EMU) of the ARB Apex Bank Ltd and occupied the position of 3rd in the league of 144 Rural and Community Banks (RCBs) as against 29th position in 2018.” She stated.
Commenting further on their performance, Mrs. Akanbangbiem announced that BUCO Bank ended the year under review, 2019, with a stated capital of Ghc1.6million which exceeded the mandatory minimum capital requirement of Ghc1million announced by the Bank of Ghana.
Additionally, Mrs. Akanbangbiem announced that BUCO Bank was adjudged the 65th company on the list of prestigious Ghana Club 100; as the only bank among all RCBs in the 5 regions of the North to join the list of top companies in the country.
On behalf of the bank, the Chairperson of the Board pledged that the bank will continue to invest in the productive sector of the local economy in other to improve upon the livelihoods of the people.
BUCO Bank currently operates in the Bolgatanga Municipality, Builsa North and Builsa South Districts in the Upper East Region; and the Mamprugu-Moagduri District in the North East Region.
Source: A1Radioonline.com|101.1MHZ|Joshua Asaah/Ghana