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Friday 29 March 2024

2021-04-07

[N] As Majority Leader be circumspect with your utterances

2021-03-19

[I] Goldman Sachs staff revolt at ‘98-hour week’
[I] Over half of staff go back to workplace
[I] Health chiefs confirm Oxford-AstraZeneca Covid jab safe to use
[S] Kotoko Signs Second Brazalian Player
[N] It Is A Blatant Lie That I’ve Declared My Prez Ambition-Agric Minister
[S] Accra Mayor to change face of sports in Greater Accra
[S] Ambassador Lutterodt charges GOC prez to tackle Martha Bissah issue
[S] Ben Nunoo-Mensah hits ground running for GOC
[S] Black Stars to Engage Uzbekistan In International Friendly
[N] House of Chiefs calls for collaboration with MMDCEs for development
[N] Baby Harvesting: More suspects picked
[N] Police pledge commitment to bringing Sheikh Maikano’s murderers to book
[B] ARB Apex Bank admitted to Ghana-Sweden Chamber of Commerce
[N] Desist from starting race ahead of time - Obiri Boahen to NPP presidential
[N] Gov’t announces construction of five interchanges in Ashanti
[N] Controversial textbooks: NPP urges NaCCA to enforce rules without fear or favour
[N] Staff working on Tamale interchange call off strike
[N] Newly proposed taxes a huge hindrance to businesses’ recovery
[N] Government can’t take a unilateral decision on salaries for public workers
[N] Ghana records 2 new Covid-19 variants; experts call for immediate action

2021-03-17

[S] First GFA safety and security seminar takes place today
[B] NDPC holds consultation medium term framework for 2022-2025 in Oti
[B] More investments recorded in Western Region despite COVID-19
[N] Ghana records 698 COVID-19 deaths
[N] NDC’s Ofosu Ampofo behaves like a toddler – Allotey Jacobs
[S] Don’t tax sports betting, ban it – Ato Forson to government
[N] Ama Benyiwaa Doe slams Allotey Jacobs; says he has no influence
[N] Approving Akufo-Addo’s ministers ‘regrettable and unfortunate’ – NDC caucus
[S] Don't rush Satellites players, warns GFA coaching boss
[N] Eastern Regional Hospital detains 246 patients for non-settlement of bills
[N] COVID-19 vaccination in Ghana: 1,000 reports received on adverse effects
[N] Ignore reports of rift between local, foreign staff at AfCFTA secretariat – Govt
[N] Remain calm, support our leadership in Parliament – NDC Council of Elders
[N] Ghana hasn’t recorded any case of blood clots from COVID-19 vaccination – FDA
[N] 9-year-old boy burnt to death as stepfather sets house ablaze
[B] Budget cuts for legislature, judiciary won’t be entertained – Speaker
[I] Half of UK managers back mandatory Covid vaccines for office work
[I] Brussels to propose Covid certificate to allow EU-wide travel

2021-03-16

[I] Nick Candy leads £1m drive to oust London mayor Sadiq Khan
... go Back
 
Business

[ 2015-07-29 ]

UT Bank rules out takeover despite challenging times
UT Bank has ruled out a possible sale of the bank
despite current challenges facing the financial
institution.

The indigenous bank recorded a half-year loss of
over 30 million Ghana cedis for 2015, prompting
reports in sections of the media that the
development could result in foreign investors
coming in to help the bank recapitalize.

However, Chief Executive of the bank, Prince
Amoabeng, says the reports are untrue.

“There is no intention to hand over UT Bank to
anybody at all…I think what we have on the table
now is getting aggressive…and [restoring]
confidence in the shareholders”, he said.

He said firm plans have been put in place to
forestall further loss revenue.

“We’re achieving for the first two months,
better than projected. So that is something that
gives a lot of confidence and we have the staff on
board. We’ve gone to look for their views and
we’ve implemented [their] suggestions. It is not
just me or top management saying ‘this is going
to work’. This [plan] is what all of UT says is
going to work”, he underscored.

The SME bank reported a GHS 30.6million loss 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 that recorded a strong growth of
30% during the period.

Total deposits increased by 29% from GHS
889million to GHS 1.2billion while total assets
increased by 44% from GHS 1.4billion to GHS
2billion.

The asset growth was driven mainly by the sharp
cedi depreciation during the first half of the
year.

“The year 2015 has been very challenging for the
bank as the tough macro-economic conditions and
the protracted energy crisis continue to
negatively affect the operations and performance
of the business sector especially our core
segment, the SMEs. The first three months were
particularly challenging, with the bank recording
a GHS 28million loss during that period. We have
since witnessed a vast improvement, as the results
of the implementation of our turnaround plan kick
in. In the second quarter, from April to June, we
recorded a GHS 2.4million loss, 91% better than
recorded in the first quarter, and in the Month of
June recorded a GHC 1.3 million profit after
tax”, Mr Amoabeng said.

Source - MyjoyOnline



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