The Chief Executive Officer of UT Financial Services and his team featured on the Exchange’s Facts Behind the figures programme on Tuesday, May 5, 2009 to present details of the company’s performance for 2008 and projections for 2009.
In his opening remarks, Mr. Kofi Amoabeng, CEO of the company said the year 2008 was tremendous for UT despite the threat of the global financial crisis. The year saw the listing of UT Financial Services Ltd on the stock market and the expansion of its operations in Tarkwa and Sunyani as well as other parts of Accra.
Giving the financial results of the company, Mrs. Pearl Esua-Mensah, Director of Finance of UT, attributed the strong performance to the company’s continual building of diversified portfolio whiles at the same time maintaining strong capital levels and good liquidity.
The company’s after tax earnings increased by 21% to GH¢7.7m and total assets grew by 68% to GH¢127.8m. Net worth currently stands at GH¢16.8m representing an increase of 52% over the previous year. GH¢3m of this figure was raised from the IPO.
On projections for 2009, Mrs. Esua-Mensah said despite the global financial crisis, they expect to continue with the branch expansion programme. They will also seek cheaper sources of finance, increase revenue from growth and improve efficiency whiles reducing their costs. In forecasting for the year, the Director of Finance reiterated that they expect to increase the company’s interest income by 30%, interest expense by 60% profit after tax by 30% and decrease non-performing loans by 1%.
In his closing remarks, Mr. K.S. Yamoah, Managing Director of the GSE commended UT for maintaining high investor confidence by delivering their promise of dividend declaration within their first year of listing on the Exchange. UT declared a dividend of GH¢0.0101 per share for financial year ended 2008.