BUCOBANK ranked No.1 among 16 RCBs in Northern Ghana

16-06-14    

BOCOBANK, hqtrs in Sandema

Board Members and dignitaries

Report by the Efficiency Monitoring Unit of the Association of Rural Banks, ARBs, puts the Builsa Community Bank Limited, BUCOBANK ahead of all the 16 Rural and Community Banks, RCBs of  Northern Ghana. As a result of its performance output, the bank for the year 2013 was rated satisfactory and ranked 20 out of 137 RCBs nationwide. The bank, despite its success story continues to perform creditably and has succeeded in making strides in the period under review.  This came to light at the bank’s 14th Annual General Meeting of shareholders in Sandema. The Chairman of the Board of Directors of BUCOBANK, Pascal Ayaric, who made this known in the bank’s 2012/2013 report,  observed that  the country’s macro economy  in the first quarter of 2012 recorded high rise in the rate of prime, inflation,  and treasury bill among other indicators. He said the increments coupled with hikes in the prices of utilities and fuel affected the growth of businesses including the activities of rural banks. Notwithstanding the challenges, the bank from 2011-2013 made a positive turn over in areas of asset, deposits, loan and advances, short term investment and tax profit in the period under review. Additionally, pre-tax profits, stated capital and net worth widened significantly within the same period with net worth recording as high as 44.8 percent increase in 2013 as compared to the 28.6 change over in 2012.  The bank over the past four years has consistently paid its dividends to shareholders and has fulfilled its Corporate Social Responsibilities, CSR in accordance with its resolve to commit 5 percent of its tax profit to CRS fund account. Beyond that the micro finance scheme of the bank continues to grow in numbers as well as loan portfolio.  Mr Ayaric, attributed the excellent performance of the bank to the prudent financial management of the board, staff and stakeholders and indicated the bank’s determination to create the enabling environment for stakeholders to increase their wealth. He however appealed to loan defaulters and guarantors to consider fulfilling their loan obligations to prevent legal suits against them. In a speech read for him, the Managing Director of ARB APEX Bank Limited, Kwadwo Kusi Aye commended the bank for its sterling performance and challenged it to work to be ranked among the first ten RCBs in the country. He said the central bank has increased its policy rate to 18 percent, an indication that ARB APEX has to adjust its lending rate from 15 percent to 20 percent and called on RCBs to partner his outfit in realizing its set objectives to make banking favourable and attractive to all. This year’s AGM of BUCOBANK brought together dignitaries including the Paramount Chief of the Builsa Traditional Council Sandem Nab, Azagsuk Azantilo, Member Council of State for the Upper East, Adezi Kanga and the Cletus Achaab, Former Board Member of the bank and the current Regional Director for the Ministry of Food and Agriculture among others.

GBC                                           END                                                       IA/