UMB Registers 194% Increase In Profit

Benjamin Amenumey, CEO, UMB

UMB RECORDED an impressive 194 per cent increase in profit for the half year ended June 2020, despite the impact of the coronavirus (Covid-19) pandemic on the operations of businesses.

Despite the devastating impact of the current pandemic, the bank’s profit after tax increased from GH¢5.5 million in June 2019 to GH¢16 million in 2020, representing a 194 per cent increase year-on-year.

UMB also grew its asset base from GH¢2.6 billion to GH¢3.3billion between June 2019 and June 2020 representing a growth of 25 per cent.

UMB, as one of the oldest universal banks in the country that has developed and deployed various banking solutions that meet the needs of today’s large and small-scale businesses, has committed to supporting businesses through this difficult socioeconomic situation.

According to the bank’s management, the current crisis presents an opportunity to further engage, co-create and support their clients to recalibrate their operations.

Benjamin Amenumey, Chief Executive Officer of UMB, commenting on the bank’s half year performance, noted that UMB as a business, put in place interventions to manage expenses and these measures culminated in a 10.4% reduction in expenses (year-on-year).

Furthermore, the bank is closely observing local and international developments regarding the Covid-19 pandemic and all the necessary protocols are in place to ensure the safety of their customers and employees.

“Rest assured that UMB is available to provide you with exceptional service even in these uncertain times. As part of our measures, we had triggered aspects of our business continuity plan in response and anticipation of the impact of the Covid-19 in the environment.”

As a testament to the bank’s commitment of deploying technology as a banking solution for their customers, UMB has also introduced the ‘tap to pay’ feature for its UMB Visa contactless cards. With the UMB Visa contactless cards, customers can make faster and secure payments on any contactless-enabled POS device or terminal worldwide.

Furthermore, UMB customers can conveniently and seamlessly bank in the comfort of their homes using the innovative mobile banking application, the UMB SpeedApp. Similarly, customers can choose from a suite of electronic channels including 24-hour ATMs as well as the UMB Internet Banking portal.






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