Sandema: Despite facing global and national economic challenges in 2024, the Builsa Community Bank (BUCO Bank) has reported significant growth across its financial indicators, marking a record profit after tax of GHS5.33 million. This represents a 646% increase over the previous year's profit, the highest since the Bank's inception in 1996.
According to Ghana News Agency, the Bank's stated capital rose to GHS2.3 million in 2024 from GHS2.1 million in 2023, surpassing the Bank of Ghana's minimum capital requirement of GHS1 million for rural and community banks. The Board and management attributed the success to the shareholders' confidence in the bank's long-term vision, along with effective financial management and operational efficiency.
During the 25th Annual General Meeting in Sandema, Board Chairperson Mrs. Akanbangbiem Agamu Asokea reported a 49.26% growth in total deposits, which increased from GHS59.3 million in 2023 to GHS88.5 million in 2024. The Bank's net worth also grew from GHS1 million to GHS7 million, an increase of 581.98%.
The Bank experienced short-term investment growth of 77.40%, rising from GHS34 million in 2023 to GHS60.3 million in 2024. Loans and advances saw a 20.44% increase, growing from GHS21.3 million to GHS25.7 million within the same period. These strong results enabled the Bank to absorb a GHS6 million impairment provision imposed by the Bank of Ghana in 2023 on legacy loans.
Mrs. Asokea highlighted that the Bank's national ranking improved from 89th in 2023 to 66th in 2024 out of 147 rural and community banks. To ensure sustained growth, the Board and management are committed to improving asset quality through well-assessed credit facilities, recovery of non-performing assets, and loan portfolio diversification.
On corporate social responsibility, the Bank invested GHS55,428.00 in initiatives across education, agriculture, healthcare, culture, sports, and environmental sustainability. The Chairperson assured stakeholders of the Bank's commitment to strategic goals that ensure sustainable growth and regulatory compliance.
Mr. Mark Odoi Adjei, Head of Banking Operations at ARB Apex Bank PLC, praised BUCO Bank for its performance and stressed the importance of professionalism and transparency to maintain shareholder trust. The Reverend Father Joseph Tabase urged the government to reconsider the 25% corporate tax on RCBs, while Mr. Solomon Akogti, the Builsa North Municipal Chief Executive, commended the Bank for its role in local development.
