UT To Extend World Class Banking Services To Northern Ghana

UT Bank, a leading bank in Ghana has announced that it will extend its unique banking services to the Northern, Upper East and Upper West regions, which constitute the northern parts of the country this year.

The move, the Deputy Managing Director of the bank, Mrs. Pearl Esua-Mensah said, would enable the bank send its world class banking services to people in those regions.

Although, the bank does not have physical branches in the north, it transacts banking services via E-zwitch platform introduced by the Ghana Interbank Payment and Settlement System (GhIPSS) over two years ago.

Mrs. Mensah was quick to disclose that the UT Bank will also open some branches in the Accra Metropolis this year.

Reviewing the bank’s performance at its Annual General Meeting held in Accra, yesterday, the Board Chairman of the UT Bank, Mr. Joseph Nsonamoah said the bank delivered an exceptional performance against the key elements of its strategic plan in 2012.

According to him, bank result shows both the progress made and the challenges that remain. During the year under review, bank’s capital base strengthened as capital adequacy ratio of 13.4% (up by 478base points).

While bank’s total assets up by 38.5% to GH¢987m in 2012 as against GH¢713m in 2011, loans and advances (net) up by 43.1% to GH¢680m in 2012 (2011: GH¢475m).

The UT Bank’s profit before tax went up by 54.4% to GH¢27m in 2012 as against GH¢17m in 2011. The bank also made a profit before tax of GH¢26.7m showing a strong overall performance representing 54.4% growth year -on-year .

In view of this significant performance, the board recommended to pay 2.00GhP per share to its shareholders.

Mr. Nsonamoah stated: ‘UT Bank successfully completed its private placement in July 2012, raising approximately GH¢46m from equity injection bringing our total equity to GH¢85m. This has placed the bank well above the Bank of Ghana (BoG) minimum capital requirement of GH¢60million’.

Looking to the future, the Chief Executive Officer of UT Bank, Mr. Prince Kofi Amoabeng said the bank was building on the efficiency of their IT distribution platform to provide the customers with greater choice and convenience.