UBA Ghana reports 36% balance sheet growth for 2021

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This was revealed by the bank’s Managing Director, Chris Ofikulu, during the 2021 Annual General Meeting (AGM) in Accra.

He said that despite the macroeconomic volatility in the global and domestic environment, the bank recorded a modest performance in 2021.

“The bank increased customer deposits by GH¢4.1 billion in 2021, compared to GH¢2.8 billion posted in 2020.”

“Overall, the bank closed the year with a significant 36% growth in its balance sheet, from GH¢3.95 million in 2020 to GH¢5.37 million in 2021.”

Mr Ofikulu said that despite a drop in the banks’ annual profit in 2021, there has been a significant growth in their operating profit for the same year.

“Below the operating line we have payments from transactions that we processed a decade ago when the economy struggled with oil trading, so we are here to provision them as indicated by the Bank of Ghana (BoG)”, adding “but this will be recovered”.

“Clients have realized that our platform is one of the best and they are happy to do business with us,” he noted.

The chairman of the bank’s board, Kweku Andoh Awotwi, said that during the year under review, Consortium Investment Trust (CIT), a shareholder of the bank, entered into an agreement with the Teachers’ Fund , another shareholder, under which CIT sold all of its shares in UBA Ghana to the Teachers Fund.

He said the transaction had been cleared by majority shareholder UBA Pic and the company’s secretary had been instructed by the board to make the necessary regulatory filings and amend the share register. of the bank to reflect the new shareholding structure.

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