UT Bank to roll out Visa Card to customers

The UT Bank said on Tuesday it would roll out its Visa Card to customers by the end of next month, Captain Prince Kofi Amoabeng (retired), Chief Executive of the company, has said.

Speaking at the ‘Facts Behind the Figures’ platform on the Ghana Stock Exchange, Mr Amoabeng said the Bank had obtained its certification for the VISA and had piloted it with the staff.

Mr Amoabeng said to ensure a deeper reach into the informal sector; the bank would be making substantial investments in broadening alternate distribution networks, including a mobile banking platform to be completed in the first quarter of 2013.

He explained that the introduction of a mobile branch bank would provide the opportunity to boost deposit by reaching out to targeted customers in remote areas.

Mr Amoabeng said the UT Bank would strengthen its balance sheet by attracting cheap deposits and diversifying its funding mix, adding that investment in technology was critical in achieving the targeted deposit growth.

He said customer deposits grew significantly by 46.2 per cent from GH¢546 million in 2011 to GH¢798 million.

The bank’s profit before tax was up by 54.4 per cent reaching GH¢27 million compared with GH¢17 million in 2011.

UT Bank recorded profit before tax of GH¢26.7 million, representing 54.4 percent growth year-on-year, while it also grew loan advances in excess of GH¢480 million for the 2012 financial year.

Total assets grew by 38.5 per cent from GH¢713 million in 2011 to GH¢987 million in December 2012. This was mainly on account of a sharp increase in net loans and advances by 43.1 percent from GH¢475 million to GH¢680 million.

Source: GNA