By Anthony Apubeo, GNA
Accra, July 02, GNA – Total assets of the Builsa Community Bank hit GH¢25.98 million, last year, Naab Akanab Apoom-Weem, the Board Chairman, has announced.
This represents a 25.10 percent growth over the year 2016 figure of GH¢20.77 million.
Deposits also grew from Gh¢15.12 million to GH¢18.76 million with loans and advances to customers increasing by 18.33 percent. It shot up to GH¢12.55 million from GH¢10.61 million, during the period.
Addressing the 18th annual general meeting of the shareholders at Sandema, Apoom-Weem said all the key growth indicators showed positive.
He told the owners of the bank that it had exceeded the minimum capital requirement of one million cedis set by the Bank of Ghana (BOG).
Its stated capital rose to GH¢1.080 million in 2017.
Again, there was a significant reduction in bad and doubtful debts – going down by 80.86 percent from GH¢329,429.00 to GH¢61,336.00.
At the same time, « short term investments and net worth recorded an increase of 34.01 percent and 15.44 percent – from GH¢5.33 million to GH¢7.14 million and GH¢2.95 million to GH¢3.41 million, respectively.
He said it posted a profit of GH¢702,727.00 compared with the previous year’s total of GH¢526,234.00.
Naab Apoom-Weem said the impressive performance had come on the back of prudent management – operational efficiency, and the improvement of the macro economy.
On the way forward, he stated that the board and management would continue to forge stronger collaboration with the appropriate institutions and customers to maximize shareholders’ wealth and achieve sustainable growth.
« The Bank will also continue to invest more in the agribusiness sub sector to improve the livelihoods of majority of the smallholder farmers as well as improve the food security within our catchment area and Ghana as a whole.
We will actively support the Government’s flagship programmes such as the One District One Factory, One Village One Dam, Planting for Food and Jobs among others in the years ahead. »
Mr. Rockson Ayine Bukari, the Upper East Regional Minister, in a speech read for him, applauded the board, management and staff, for the strong performance.
He said he was excited by the vital contribution the bank was making to the development of the area.
He added that the government would continue to create the right conditions for businesses to thrive.
He advised the bank to put in measures and control systems to prevent the activities of fraudsters.
It should also up the financial literacy effort to boost loans recovery and attract the more customers.