Accra, The journey to transform one of Ghana’s most iconic financial institutions has yielded positive results as Umb has posted an after -tax profit of GH20.4 million for the 2016 financial year.
This achievement represents an impressive 455 per cent increase in after tax profit.
A statement issued by the Umb and copied to the Ghana News Agency on Friday said the Bank also recorded a 57 per cent increase in customers’ deposits and a 97 per cent increase in total assets.
Commenting on the bank’s excellent financial results, the Chief Executive Officer of Umb, Mr John Awuah, expressed his appreciation to the bank’s customers and other stakeholders for believing in the vision of the bank and for supporting the bank throughout the period of transformation.
Mr Awuah also praised the dedication and support of staff of Umb: Since I joined the bank, I have been awed by the passion and commitment of Umb staff to our transformation agenda and I am very happy that we have started seeing the results of this dedication.
The bank, according to Mr Awuah, had also invested heavily in its IT infrastructure which has enhanced the speed at which the bank operated.
We have significantly invested in the operating platform of the bank and most importantly, we have changed our core banking application which allows us to interface with third party systems seamlessly, Mr Awuah added.
The expansion of the bank’s electronic and physical channels was also a major factor for the bank’s stellar performance.
This, according to Mr Awuah, had extended our reach to locations where we felt we were under represented. We have also deployed various electronic-based products and increased our branch network across the country to meet the needs of existing and potential customers.
Mr Awuah was quick to add that the bank would not rest on its laurels and was already focused on the next phase of the bank’s growth.
The next phase of Umb is not the teller serving you, it is you serving yourself. We are going to bring banking to people’s homes, in their cars, on their dining tables and wherever they find themselves.
Umb is a full-service financial institution specialising in customised banking products and services.
It opened on March 15, 1972 and is a leading Ghanaian indigenous banks with considerable financial expertise.
Umb is recognised for its entrepreneurial approach, innovative use of technology, and distinctive banking solutions and currently has 31 branches, one Umb Centre for Businesses and a vast network of ATMs.
Source: Ghana News Agency