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BUCO Bank total assets increased over 28%

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The total assets of the Builsa Community Bank saw an increase of 28.52 percent of profit before tax for the 2020 financial year.

Despite the Covid-19 pandemic which impacted negatively on the business sector globally, the bank’s Total Assets increased from Gh¢36 million in 2019 to Gh¢46.2 million in 2020.

The bank’s net profit before tax also recorded a total of Gh¢966, 239 at the end of the year 2020 which is an increase of 4.83 percent from the amount of Gh¢921, 748 recorded the previous year.

The Board Chairperson of the Builsa Community Bank, Akanbangbiem Agamu Asokea announced this during the 21st Annual General Meeting of shareholders of the bank held at Sandema, the Builsa North Municipality of the Upper East region.

The tremendous achievement, according to the Board Chairman can be attributed to an “effective cost reduction strategy and enhanced operational efficiency”, that management of the bank adopted.

Akanbangbiem Agamu Asokea- Board Chairperson of BUCO Bank

Mrs. Akanbangbiem added that the BUCO Bank ended the year under review with a stated capital of Ghc 1.6 million which exceeded the mandatary minimum capital requirement of Ghc1 million as announced by the Bank of Ghana.

These achievements enabled the bank to embark on Corporate Social Responsibilities in the areas such as education, agriculture, healthcare, culture, sports, and the environment with an amount of Ghc35, 191.00 going in for the sector in the last year.

“The bank will continue to pursue goals and strategies that will put the bank on the path of sustainable growth, protect depositors’ funds, operate within the regulatory limits and ultimately maximize shareholder value”, the Board Chairperson assured shareholders.

Some shareholders of BUCO Bank

As of the end of the year under review, BUCO Bank was rated strong by the Efficiency Monitoring Unit (EMU) of the ARB Apex Bank Limited and occupied the 4th position in the league of 144 Rural and Community Banks (RCBs) as against the 3rd position it obtained in 2019.

Mrs. Akanbangbiem appealed to existing and prospective shareholders to buy more shares to support the long-term sustainability of the bank.

Source:|101.1Mhz|Joshua Asaah|Ghana

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