Builsa Community Bank holds annual general meeting

Sandema (U/E), June 06, GNA - The Builsa Community Bank (BUCOBANK) at Sandema last year disbursed loans totalling 2.6 billion cedis to groups engaged in agriculture, construction, cottage industries, commerce and transport.

The bank increased its credit to the agriculture sector from 650 million cedis in 2004 to 906.8 million in 2005.

Mr Edward Atagabe, Chairman of the Board of Directors of the Bank, said this at the bank's annual general meeting in Sandema last weekend. Net profit for 2005 was 405.4 billion cedis, compared to 235.2 billion in 2004, an increase of 72.3 per cent, whiles total loans and advances during the year under review amounted to 5.02 billion cedis as against 3,8 billion cedis in 2004.

The Board Chairman expressed dissatisfaction about non-payment of loans amounting to 700 million cedis advanced to customers. So far, 175 million cedis have been recovered as a result of court action initiated against loan defaulters, he said. "It is unfortunate that some of our customers perceive loans as gifts from the bank", said Mr Atagabe, adding that the Bank would leave no stone unturned in its efforts to retrieve all outstanding loans.

In an address read on his behalf Mr. E.K. Kwapong, General Manager of ARB Apex Bank, commended the board, management, staff and shareholders of BUCOBANK for working relentlessly to improve performance in the face of intense competition.

He urged the bank's management to enhance its loan recovery strategies.

"We also advise that you strengthen your internal control mechanisms to minimise fraud and risk, with a view to ensuring efficient operations."

Mr John Asabigi, North-Eastern Chapter President of ARB Apex Bank, announced plans to open rural banks at Bongo, Gushegu and Saboba. He praised BUCOBANK for being alive to its social responsibility, saying that in addition to providing 20 million cedis for the improvement of water and sanitation, it also donated 6 million cedis for education development in the Builsa District.