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| Mr Norbert Awulley, DCE for Builsa |
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| Section of shareholders at the meeting |
Management of Builsa Community Bank Limited, have expressed dissatisfaction over the alarming rate of unpaid loans by shareholders of the bank. Management and board in view of the unfortunate situation have issued a stern warning against defaulters and have also threatened to pursue legal action against such group of individuals to recover all outstanding loans and over drafts through the court. The Board Chairman of the Bank, Edward Atagabe, announced this at the 12th Annual General Meeting of shareholders of the Bank held at Sandema in the Builsa District of the Upper East Region. Recounting the loses made over the years with regards to the issue of loan default, Mr. Atagabe averred that there has not been any significant improvement in there payment of loans since their annual general meeting held last year. He said in 2009, the bank was charged a total of GHc58, 789.00 for bad debt as against GHc107, 434.00 recorded in 2010, representing an increase of 82.80 percent. The total provision for bad debt for 2010 worked out to 13 percent of total income for the year. The situation he lamented has greatly affected the bank’s operations and called of its loan defaulters to assist in fulfilling their loan obligations to help the bank attained its set goal of becoming the leading rural bank in the region. He said despite the challenges, the bank made remarkable gains in the area of total assets ,which he said increased from GHc4,226,432.00 in 2009 to GHc 5,402,373.00,representing an increase of 27.8 percent. Relatively, there was an improvement in the bank’s performance in 2010 as compared to the previous year. This was realized when the bank recorded a total income of GHc 824.024.00 as against a total operational income of GHc627,567.00, a profit of GHc 196,465.00 representing an increase of 31.3 percent. Total deposit for the years also amounted to GHc3, 343,417.00 as against GHc2, 429.012. 00 in 2009, representing an increase of 37.6 percent. Mr. Atagabe was happy to announce that the bank owing to the success chalked, was ranked satisfactory by the Bank of Ghana rating of rural and community banks. Bucobank, he disclosed, was ranked 41 out of 134 banks for the last quarter of last year and attributed the success story to the sterling performance of its entire staff. He also commended shareholders of the bank and renewed the banks’ commitment to extend its corporate social responsibility to benefit residents of Builsa, particularly, poor and needy students through scholarship schemes. He also outlined plans to introduce ATMs to enable customers withdraw cash at their own convenience. The Builsa District Chief Executive, Norbert Awulley who was guest of honour said the assembly will continue to partner the bank in its developmental efforts and appealed to them to help improve the business environment by going all out to attract the needed customers through improved and attractive products. Deserving staff and shareholders of the bank were honoured for their contribution to the success of the bank. Mama Sophia Akanyaminum was adjudged the best depositor by the bank.
GBC END IA/
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