Despite the economic challenges that are affecting businesses in the country, especially the financial sector, the Builsa Community Bank Limited (BUCO Bank) in the 2021 financial year recorded an increase in all its key balance sheet indicators.
For instance, the bank recorded total assets of Ghc45.91 million which represents 8. 62 percent as against Ghc 42.27 million recorded in 2020. The net profit before tax also recorded a total of GH¢1,105,671 at the end of the year 2021 which was an increase of 14.43% from the amount of GHc966, 239 recorded the previous year.
Chairperson of the Board of Directors of the Builsa Community Bank Limited, Akanbangbiem Agamu Asokea said the achievement was through the improvements in revenue items, effective cost reduction strategies, and enhanced operational efficiency.
”As at the end of the year under review, the bank was rated Strong by the Efficiency Monitoring Unit (EMU) of the ARB Apex Bank Ltd. and occupied the 4th position out of the 147 Rural and Community Banks (RCBs) that were rated by the ARB Apex Bank Ltd as against 3rd position last year.”
Madam Akanbangbiem who was addressing shareholders in Sandema during the 22nd Annual General Meeting of shareholders of the bank disclosed that “the bank ended the year under review with a stated capital of GHC1.93 million which exceeded the mandatory minimum capital requirement of Ghc1million for RCBs as required by law.”
The Chairperson of the Board of Directors assured customers that managers of the bank will strive in their power to make the bank attractive to investors “while we continue to appeal to existing and prospective shareholders to buy more shares to support the long-term investments of the Bank.”
Speaking on the outlook of the bank for the year 2022, Mrs. Akanbangbiem said the bank has invested funds to improve its digital process to allow customers to access their funds with ease
The Builsa Community Bank (BUCO Bank) currently has 5 branches located in Sandema, Navrongo, Bolgatanga, and Fumbisi all in the Upper East Region and Yagaba in the North East Region.
Source: A1Radioonline.com|101.1Mhz|Joshua Asaah|Sandema
