Business

UMB posts 462% growth in profit

The Universal Merchant Bank, UMB, has posted a pre-tax profit of GH¢27.4 million for the 2016 financial year representing a 462 per cent year-on-year growth.

The Bank set out on an agenda of transforming into a first-tier bank when it was established in 2014.

Two years on, the foundations laid have begun to pay off and this is attested to by the Bank’s impressive performance in the 2016 financial year.

The bank posted a profit before tax of GH¢27.4 million from a loss position in excess of GH¢7 million recorded at the end of 2015 and again recorded an increase in customers’ deposits from GH¢80.7 million in 2015 to GH¢507.8 million at the end of 2016, representing an increase of 57 per cent.

The Bank’s total asset increased by 97 per cent as well as 18 per cent increase in net loans and advances.

Speaking to TV3’s Mye Paul Sowah, John Awuah said the bank will take its services closer to its customers, increasing its branch network across the country to meet the needs of existing and potential customers.

“The institution has turned the corner,” he said. “We have a refreshed brand and a brand that is very much appealing and has received a lot of investments.

“It’s just a payback time so everything we do here, we have to let the customer know that we do not go at our pace but we go at the clients’ pace.

“We are going to two regions that we are currently not, that takes us to seven out of the ten regions so by next year and perhaps end-of-next year, we will be represented fully in all the regions in the country.”

UMB, since its inception has attracted some of the best talents in the industry and it’s poised to be a top indigenous brand in the industry.

By Nana Afrane Asante|3news.com|Ghana

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