UniBank Profit Rises By 112%
5/3/2012 8:30:43 AM -
UNIBANK Ghana Limited, an indigenous universal bank, is hoping to work closely with its existing shareholders and strategic investors to meet the GH¢60 million minimum capital by the close of this year.
The bank’s capital base is currently GH¢25 million, about GH¢35 million shy of the minimum capital stipulated by regulation.
However, the bank is running a sound and profitable operation that should enable it to access an additional GH¢35 million from strategic investors by August this year, with existing shareholders topping up for it to meet the requirement.
The 2011 annual report of the bank indicated a profit before tax of GH¢14.4 million, 111.76 per cent over the GH¢6.8 million recorded in 2010. This is a very remarkable achievement when compared to players in the industry.
uniBank 2011 results showed a consolidation of the gains and foundations laid in previous years, as assets of the bank increased by 44 per cent from GH¢393 million in 2010 to GH¢566 million last year, while creating credit totaling GH¢356 million in 2011, up by 61 per cent from the 2010 figure of GH¢221 million.
This position is consistent with the deposit mobilisation drive that yielded significant dividends. The bank's deposits rose by 44.48 per cent from GH¢308 million in 2010 to GH¢445 million at the end of 2011.
The bank’s performance is by far one of the most encouraging among local banks, as uniBank posted 3.01 per cent on assets as against the 2. 23 per cent it achieved in 2010, with return on equity, which measures the returns on shareholders’ investments, posting a remarkable 23.15 per cent, up from the 15.74 per cent returns realised for the previous year.
Officials of the bank told the Daily Graphic that as part of its strategic plans for the coming years, uniBank would launch its Visa Card and provide more electronic-based choices to customers, which the bank said it would support with efficient services to make it one of the best in the banking industry.
The CEO, Mr Felix Nyarko-Pong, in the annual report, thanked customers of the bank for their unflinching patronage, as well as staff of the bank for their hard work and dedication.