The Bank posted a record profit after tax of GH?5.33 million, representing 646 per cent over the previous year’s (2023) profit, the highest in the history of the Bank since its establishment in 1996.

The Bank also recorded a stated capital of GH?2.3 million in 2024 from GH?2.1 million in 2023, which exceeded the Bank of Ghana’s mandatory minimum capital requirement of GH?1 million set for rural and community banks.

The achievement, the Board and Management of the Bank attributed to strong confidence of the shareholders in the bank’s long-term vision and financial stability, prudent financial management and operational efficiency.

This was in a report presented on behalf of Mrs Akanbangbiem Agamu Asokea, Board Chairperson of the Bank, to shareholders and other stakeholders during the 25th Annual General Meeting, held at Sandema in the Builsa North Municipality.

Mrs Asokea stated that the BUCO Bank further recorded 49.26 per cent growth in total deposits, rising from GH?59.3 million in 2023 to GH?88.5 million in 2024 and had its net worth grow from GH?1 million to GH?7 million, representing 581.98 percent within the period under review.

Additionally, while the Bank experienced short-term investment growth of 77.40 per cent, rising from GH?34 million in 2023 to GH?60.3 million in 2024, loans and advances increased from GH?21.3 million to GH?25.7 million, representing 20.44 percent within the same period under review.

“The Bank’s strong results in 2024 have allowed it to fully absorb the GH?6 million impairment provision imposed by the Bank of Ghana in 2023 on the Bank’s legacy loans,” the Chairperson stated.

“As at the close of year under review, our Bank received a “Satisfactory” rating from the Efficiency Monitoring Unit of the Association of Rural Banks (ARB) Apex Bank PLC.

Notably, the Bank improved its national ranking from 89th position in 2023 to 66th out of the 147 Rural and Community Banks (RCBs) in 2024,” she added.

To ensure sustained growth in line with regulatory expectations, Mrs Asokea noted that the Board and Management were committed to strengthening asset quality through the disbursement of quality and well-assessed credit facilities, aggressive recovery of non-performing assets, and diversification of loan portfolio to mitigate concentration risk.

On Corporate Social Responsibility, the Chairperson revealed that the Bank invested a total of GH?55,428.00 in various initiatives in education, agriculture, healthcare, culture, sports and environmental sustainability.

“The Board and Management of the Bank remain committed to pursuing strategic goals and initiatives that will position the Bank on a path of sustainable growth, safeguard depositors’ funds, ensure regulatory compliance, and ultimately maximise shareholder value”, she assured.

Mr Mark Odoi Adjei, Head of Banking Operations, ARB Apex Bank PLC, commended the BUCO Bank for its impressive performance, stating that the Bank was well positioned to sustainable growth.
He urged the Board and Management of the Bank to ensure professionalism, diligence, honesty and transparency in the operation of the bank to strengthen the trust and confidence of shareholders for continued investment.

The Reverend Father Joseph Tabase, the Acting Upper East Regional Chapter President of the ARB, urged the government to consider reviewing the corporate tax of 25 percent imposed on the profits of RCBs, stating that the tax was killing the banks.

Mr Solomon Akogti, the Builsa North Municipal Chief Executive, commended the BUCO Bank for supporting the district’s development agenda over the years and urged the Bank to continue to undertake initiatives that would ensure growth and wellbeing of the ordinary people.