Mrs Akanbangbiem Agamu Asokea, the Board Chairman of the Builsa Community Bank Limited (BUCO Bank), has disclosed that the bank posted improved performance despite the impact of COVID-19 pandemic on the economy.
The Board Chairman of the Bank made this revelation at the 21st Annual General Meeting of the bank, held at Sandema, the Builsa North Municipality of the Upper East Region on Monday, November 22.
Mrs Akanbangbiem Agamu Asokea noted that, in spite of the clean-up exercise that hit the financial sector, the Builsa Community Bank Limited (BUCO Bank) still maintained its resilience and improved on its performance in 2020.
The Board Chairman asserted that the operational indicators of the bank showed positive growth and was rated strong by the Efficiency Monitoring Unit and placed fourth out of the 144 Rural and Community Banks in the country, the rankings of the ARB Apex Bank Limited revealed.
Akanbangbiem Agamu Asokea attributed the impressive performance to prudent liquidity management by the Board and Management of the bank, who introduced effective cost reduction strategy and enhanced operational efficiency to counter the shortfalls.
Mrs Asokea noted that aside the COVID-19 pandemic, the banking clean-up exercise saw an amount of GH¢4.8 million of the Bank locked up at Gold Coast Fund Management limited, but “there was significant positive growth recorded regardless”. She said despite the challenges, the bank recorded a stated capital of GH¢1.6 million at the end of 2020, which exceeded the GH¢1 million set for the rural and community banks by the Bank of Ghana.
At the same time, the total deposits of the bank increased from GH¢27.7 million in 2019 to GH¢35.2 million in 2020, representing 26.9 percent increase. Builsa Community Bank Limited total assets also grew from GH¢36 million in 2019 to GH¢46.2 million in 2020, representing 28.52 percent growth.
Mrs Asokea indicated that the short-term investments of the bank also increased from GH¢12.7 million to GH¢18 million, representing 41.08 percent, while the Net Worth shot up to GH¢4.4 million from GH¢3.6 million, representing 23.39 percent.
Loans and Advances, and Pre-Tax Profits also saw marginal improvements from GH¢16.5 million to GH¢16.6 million, representing 0.67 percent and from GH¢921,748.00 to GH¢966,239.00, representing 4.83 percent respectively.
In terms of corporate social responsibility, Mrs Asokea revealed that the bank spent GH¢35,191.00 on education, agriculture, healthcare, culture, sports and environment in all its operational areas.
Mrs Asokea assured that the board and management of the bank would continue to churn out strategies that would make the bank grow, protect depositors’ funds and maximize shareholder’s value.
“The Bank will also continue to invest in the productive sectors of the local economy to improve on the livelihoods of our people.”
Mrs Akanbangbiem Agamu Asokea
The Board Chairman indicated the bank’s preparedness to work together with the government to execute it’s programmes.
“We shall continue to participate and support government flagship programmes such as: planting for Food and Jobs, Livelihood Empowerment Against Poverty, Ghana Productive Safety Net Project and the Biometric System in the years ahead.”
Mrs Akanbangbiem Agamu Asokea
