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Builsa Community Bank Holds AGM

2006-06-08 06:48:09
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The Builsa Community Bank (BUCOBANK) at Sandema last year disbursed loans totalling ¢2.6 billion to groups engaged in agriculture, construction, cottage industries, commerce and transport.

The bank increased its credit to the agriculture sector from ¢650 million 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.

Net profit for 2005 was ¢405.4 billion, 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 as against ¢3.8 billion in 2004.

The Board Chairman expressed dissatisfaction about non-payment of loans amounting to ¢700 million advanced to customers. So far, ¢175 million have been recovered as a result of court action initiated against loan defaulters, he said.

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.

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.

He said: "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.

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