The Builsa Community Bank at Sandema in the Upper East Region, made a profit of 197 million cedis last year compared to 94 million cedis in 1999, representing an increase of 110 percent.

It also mobilised deposits amounting to 542.2 million cedis from 2,057 customers in 1999, as against 357.7 million cedis from 1,306 customers in 1998.

Chairman of the board of directors of the bank, Mr Cletus Achaab, said this at the third annual general shareholders meeting at Sandema.

Mr Achaab said since it was established in 1996, the bank has continued to record significant growth by working closely with agencies and organisations in the district to provide technical assistance to customers who were granted loans to expand their business.

He however regretted that, members of about 42 groups that were given loans totalling 92.6 million cedis, have failed to repay in spite of several reminders.

He cautioned that the bank would have no alternative than to take legal action to recover the amount.

Mr Achaab said the bank's long-term objective is to lodge 20 percent of shareholders' yearly net profit in a development fund for the construction of new offices at Sandema.

It would also mop up excess liquidity in the system by upgrading the Fumbisi capital mobilisation centre into an agency and establish "susu" schemes in larger communities, he added.

The chairman appealed to the shareholders to increase their shares, since the bank still has about one million shares to be exhausted.

He commended the board members and staff for their dedication to duty and expressed the hope that they would continue to give of their best for the bank to chalk more successes.