By Godfred A. Polkuu
Sandema (U/E), Dec 11, GNA – Mr Mark Odoi Adjei, Head of Banking Operations at ARB Apex Bank PLC, says the Bank is pleased with the performance of the Builsa Community (BUCO) Bank in the Builsa North Municipality of the Upper East Region.
“We have reviewed the financial performance of the bank and wish to state that we are generally pleased with the performance for the period under review.
“ARB Apex Bank is pleased with the 19.26 percentage increase in the profit before tax from GHȻ1.10 million in 2021 to GHȻ1.32million in 2022,” he said.
Mr Adjei who addressed the 23rd Annual General Meeting (AGM) of the Bank in Sandema, the Municipal capital, for the period ending year 2022, added that, “We are also happy with all the positive key performance indicators of the bank for the period under review.”
He said the ARB Apex Bank was further excited about “The good progress the Bank has made as a result of which the Directors have proposed payment of GHȻ0.0245pesewas per share, amounting to GHȻ351,903.00 in dividend to esteem shareholders of the Bank pending regulatory clearance.”
The Head of Banking Operations urged the Directors and Management team to keep up the good work and push harder to implement a more aggressive and forward-looking credit output programme in the communities.
He said a few banks in the country among ranked from one to ten, were able to declare dividends, but the BUCO Bank, which was among the ten best Banks in the country, always declared dividends amidst all the financial challenges.
“This makes BUCO Bank shareholders one of the fortunate ones in the industry because a multiplicity of factors has conspired against the payment of dividends by most Rural and Community Banks in the country.
“This shows that with the right support by shareholders, the Bank can perform better and declare other payments,” he said.
Mr Adjei said the ARB Apex Bank was happy that the BUCO Bank consciously committed resources to corporate social responsibilities every year, as it spent GHȻ41, 100.00 in the areas of education, agriculture, healthcare, culture, sports and the environment in 2022.
He said corporate social responsibility investment was the most tangible way members of the community would remember the Bank for, and not profits declared, nor the dividends made to shareholders after AGMs.
Mr Adjei congratulated the Management of the Bank and its shareholders for a successful 23rd AGM,and said the 2022 financial year performance would serve as benchmark for more impressive results for next year.
Mrs Akanbangbiem Agamu Asokea, the Chairman of the Board of Directors of the BUCO Bank, in a report delivered on her behalf, said as at the end of the year under review, the Bank was rated strong by the Efficiency Monitoring Unit (EMU) of the ARB Apex Bank PLC.
She said the Bank occupied the tenth position in the league of 147 Rural and Community Banks as against its fourth position in 2021, “This was due to the worsening of the Bank’s Non-Performing Loans.
“I will urge all our borrowing customers to pay their loans on time, so as to improve our position in the league of Rural Banks in Ghana,” she said.
Madam Vida Akantagriwen Anaab, Municipal Chief Executive for the area, in a speech read on her behalf, acknowledged the pivotal role BUCO bank played in transforming lives of rural dwellers in areas of poverty reduction, economic empowerment among others in the Municipality.
She said government would continue to put in place measures to create appropriate enabling environment and regulatory framework to help promote vibrant and sustainable financial services, and commended BUCO Bank for living up to its corporate social responsibility.
GNA