01.12.2008 Business & Finance

UT improves on performance

By Stephen Odoi Larbi - Ghanaian Chronicle
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UT Financial Services Limited, the latest entrant on the Ghana Stock Exchange, and the first non-bank (non insurance) financial institution to be listed, has reported a 72% improvement in its net earnings, during the third quarter over the same period in 2007.

The company's interest income increased from GH¢19.22 million to GH¢25.50, whilst fees and commissions increased from GH¢441,000 to GH¢637,000.

Other incomes, which included income from savings, profit on disposal of property, plant and equipment, increased from GH¢1.28 million to GH¢2.48 million.

These resulted in a net profit of GH¢4.25 million, signifying a 72% growth over GH¢2.47 million recorded the same period in 2007.

UT's impressive performance is a continuation of the company's good performances in the immediate past several years. The company was adjudged the second most profitable company, for the year 2005, by the Ghana Investment Promotion Centre Club 100 ratings. The company also has the most respected Chief Executive Officer (CEO) in Ghana. UT, formerly known as Unique Trust, has a core business which includes general financing services, forfeiting and factor financing, export financing and borrowing from the market.

UT shares were admitted into the GSE on Tuesday the 25th of November, this year, after a successful IPO, which was priced at GH¢0.30 per share.

The price has since increased to GH¢0.33, signifying a 10% price appreciation.

The company has earmarked various projects to embark on with its share of the proceeds of the just completed IPO. These include the recapitalisation of the company, through branch expansion, acquisition of motor vehicles, office equipment and furniture and fittings. It is expected that the implementation of these measures would impact positively on the performance of the company.

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