UMB earns GHc16 million profit in 12 months; records 194% increase since June 2019

UMB earns GHc16 million profit in 12 months; records 194% increase since June 2019

- UMB recorded a 194% rise in profit between June 2019 and June 2020

- The bank's profit level reportedly increased from GHc 5.5million to GHc16 million

- UMB's asset base also grew from GHc2.6 billion to GHc3.3 billion between June 2019 and June 2020

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YEN.com.gh has gathered that UMB has recorded a 194% increase in profit for the half-year ended June 2020.

This comes in the wake of the negative economic effects of the outbreak of COVID-19.

The bank’s profit reportedly grew from GHc 5.5million in June 2019 to GHc16 million in 2020.

UMB earns GHc16 million profit in 12 months; records 194% increase since June 2019
Benjamin Amenumey, CEO of UMB Source: Daily Guide
Source: UGC

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Per a report by thebftonline.com, its asset base also grew from GHc2.6 billion to GHc3.3 billion between June 2019 and June 2020 representing a growth of 25%.

The management team of the bank was of the view that the outbreak of the coronavirus is an opportunity to engage, co-create, and support their clients to recalibrate their operations.

According to the Chief Executive Officer (CEO) of the bank, Benjamin Amenumey revealed that the bank put in place interventions to manage expenses and this culminated in a 10.4% reduction in expenses (year-on-year).

He added that the bank is closely observing local and international developments regarding the coronavirus pandemic and all the necessary protocols are in place to ensure the safety of their customers and employees.

In other news, details emerging from its Annual General Meeting show that Standard Chartered Bank (SCB) Ghana recorded a 20% increase in its operating income for the year 2019.

The bank’s operating income increased from GHc712.9 million in 2018 to GHc853 million the following year.

Information available shows the growth level is the highest to be recorded in the last five years.

READ ALSO: Ken Ofori-Atta calls for reforms in Africa; says global investors are unfair

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Source: Yen

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