Instilling Confidence In Customers Is The Way
The UT Financial Services limited, a non - bank financial institution, has attributed its level of growth for the year 2008 to its ability to instill business confidence in its customers.
The Executive Director - Finance and Administration, Ms Pearl Esau - Mensah made the observations at the floor of the Ghana Stock Exchange when the UT Financial Services took its turn at the 'Facts behind Figures' programme yesterday in Accra.
The growth was achieved through organisation of workshops and seminars to educate customers on how business grows to become profitable, and above all the consistency of UT Financial Services in delivering on its objectives.
According to Ms Esau-Mensah overall interest on income for the financial year 2007 was GH ¢37.2 million and appreciated to GH¢43.6 million in 2008 which is an increase of 17 per cent.
Total operating income in 2007 according to Ms Esau - Mensah recorded GH¢ 30.8 million and jumped to GH¢ 38.8 million in 2008 indicating a 10 per cent increase. Profit before tax in 2007 was 5.9 and increased to 7.5 per cent in 2008 showing an increase of 27 per cent.
Besides this, the total assets of UT Financial Services which, at the end of the 2005 financial year stood at GH¢ 88.5 million rose sharply to GH¢ 127.8 million in 2008 which is very encouraging.
Ms Esau - Mensah later disclosed that net profit margin of her company which in 2007 was 16 per cent rose to 17 per cent in 2008, while earnings per share which was 2.2 per cent in 2007 rose to 3.5 per cent 2008 representing an increase of 59 per cent.
Deposit growth in 2008 was 90. 7 per cent as against 55.8 per cent in 2000 and loan growth realised 78.6 per cent growth in 2008.
The co - founder and Chief Executive Officer of UT Financial Services, Mr Prince Kofi Amoabeng, on his part noted that the operations of the company in 2009 started with tribulations because of the change of Government coupled with the Global Financial problems.
In addition to that the 30 days Treasury bill has gone up, making it economic wise for one to change the local currency into foreign currencies and keep them at home.
Yet, UT Financial Services is committed to internal efficiency and effective controlling of expenses and 'it can meet its budget forecasted in 2009' he added.