• Live Radio
  • Videos
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Live Radio
    • Photos
  • Election 2020
Local News
 
 
 
Home Business Business News 201507

UT Bank Will Bounce Back� Prince Amoabeng

29-Jul-2015
/ Business News, Business
Email
Print
Comments 0
(0)
Comments
Share on Facebook Share on Twitter
 

The Chief Executive Officer of UT Bank, Mr Prince Kofi Amoabeng, has said the bank is working assiduously to turn around its fortunes.

The assurance comes after the listed bank recorded losses in the first half of 2015.

The bank posted a loss of GH¢30.6 million in the first half of this year largely on account of high interest expenses which negatively impacted its results and dampened the positive effects of interest income which was up 30 per cent during the period.

At a press conference in Accra, Mr Amoabeng said, “our turnaround plan is two tiered, with a broader plan of business transformation aimed at better positioning UT bank to withstand external shocks, and a more narrow plan which addresses, directly the internal challenges we have identified as a business.”

The bank, he added, was, therefore, focusing on issues such as loan recovery; risk management, effective cost management, and capital raising to enable it to recover fully from the losses. “I must reiterate that UT bank remains committed to supporting the SMEs by helping them to address the risks that they face”, he said.

The year 2014 was very challenging for the bank as tough macro-economic conditions and the protracted energy crisis continue to negatively affect the operations and performance of the business sector, especially its core segment, Small and Medium Enterprise (SMEs).

“The first three months were particularly challenging with the bank recording a GH¢28 million loss during that period. We have witnessed a vast improvement, as the results of the implementation of our turnaround plan kicked in. In the second quarter, from April to June, we recorded a GH¢2.4 million loss, 91 per cent better than recorded in the first quarter, and in the month of June recorded a GH¢1.3 million profit after tax,” he said.

Total deposits, he said, increased by 29 per cent from GH¢889 million to GH¢1.2 billion while total assets increased by 44 per cent from GH¢1.4 billion to GH¢2 billion.
Mr Amoabeng said the bank was able to reduce its losses in the second quarter of 2015 by GH¢26 million which was a sign that it was on its way to profitability.

Source: Daily Graphic

 

 
 

 

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

Top 5 Factors Behind Cedi�s Appreciation

Next Post

Court Throws Out ADB�s IPO Motion

 
 

More Stories

Prudential Life- Celebrating 9 Years of Helping People Get The Most Out of Life
WAMI Partners EMTECH SOLUTIONS To Modernize Fintech Regulatory Frameworks Across WAMZ
Bayport MD, Akwasi Aboagye Wins Top Award At Seventh Ghana CEO Summit & Expo
Mastercard Partners Ghana Cyber Security Authority To Fight Fraud
Ghana Remains Competitive But Losing Ground To Senegal And Ivory-Coast
Standard Chartered Outdoors 20 Female Owned Businesses In SC Women In Technology Incubator, Cohort 3
Ghana Revenue Authority (GRA) Cracks Whip On Tax Defaulters in Accra - VIDEO
CSOs Kick Against Attempt To Sell 50% Interest Of JOHL
Alex Apau Dadey, KGL Sweep Group CEO For Conglomerate Business & Diaspora Business Of The Year 2023
Next Post

Court Throws Out ADB�s IPO Motion

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Business News Stories

  • Prudential Life- Celebrating 9 Years of Helping People Get The Most Out of Life

  • WAMI Partners EMTECH SOLUTIONS To Modernize Fintech Regulatory Frameworks Across WAMZ

  • Bayport MD, Akwasi Aboagye Wins Top Award At Seventh Ghana CEO Summit & Expo

  • Mastercard Partners Ghana Cyber Security Authority To Fight Fraud

  • Ghana Remains Competitive But Losing Ground To Senegal And Ivory-Coast

  • Standard Chartered Outdoors 20 Female Owned Businesses In SC Women In Technology Incubator, Cohort 3

  • Ghana Revenue Authority (GRA) Cracks Whip On Tax Defaulters in Accra - VIDEO

  • CSOs Kick Against Attempt To Sell 50% Interest Of JOHL

  • Alex Apau Dadey, KGL Sweep Group CEO For Conglomerate Business & Diaspora Business Of The Year 2023

  • High Commissioner Owusu-Ankomah Confer With Business Leaders In London

 

 
 

Popular Videos

LATE NEWS DISCUSSION 26/05/23

UNITED SHOWBIZ WITH MZGEE 27/05/23

DAWURO 26/05/23

DAWURO 26/05/23

Kokrokoo Discussion Segment On Peace 104.3 FM (29/05/2023)

LATE NEWS DISCUSSION 26/05/23

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Live Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Live Radio
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media