Indigenous bank, UMB, has declared an impressive 66 percent increase in profit after tax for the half year ended June 2020, despite the impact of the COVID-19 pandemic on the operations of businesses.
The measures taken by various national governments to contain the coronavirus (COVID-19) pandemic across the world have heavily impacted thousands of businesses, especially in Ghana where small businesses make up the majority.
Despite the devastating impact of the current pandemic, the bank’s unaudited financial statement shows that profit after tax increased from GH¢5,461,640 in June 2019 to GH¢ 20,692, 177 in 2020, representing a 65.9 percent increase in a year.
UMB also grew its asset base from GH¢2.6billion to GH¢ 3.3billion between June 2019 and June 2020.
UMB, as one of the oldest universal banks in the country that has developed and deployed various banking solutions that meet the needs of today’s large and small scale businesses, has committed to supporting businesses through this difficult socio-economic situation.
According to the bank’s management, the current crisis presents an opportunity to further engage, co-create, and support their clients recalibrate their operations.
Mr. Benjamin Amenumey, Chief Executive Officer of UMB, commenting on the bank’s half year performance noted that UMB, as a business, is closely observing local and international developments regarding the coronavirus (COVID-19) pandemic and all the necessary protocols are in place to ensure the safety of our customers and employees.
“Be assured, that UMB is available to provide you with exceptional service even in these uncertain times. As part of our measures, we have triggered aspects of our business continuity plan in response and anticipation of the impact of the coronavirus (COVID-19) in the environment.”
As a testament to the bank’s commitment of deploying technology as a banking solution for their customers, UMB has also outdoored the ‘tap to pay’ feature for its UMB Visa Contactless cards. With the UMB Visa Contactless Cards, customers can make faster and secure payments on any contactless-enabled POS device or terminal worldwide with third party contact.
Furthermore, UMB customers can conveniently and seamlessly bank in the comfort of their homes using the innovative mobile banking app, the UMB SpeedApp or choose from their suite of electronic channels including, the 24hour ATMs as well as the UMB Internet banking portal so that they too can practice social distancing in the fight against COVID-19.
Not only is the bank at the fore front of deploying technology to better serve its clients and positioning the customer at the heart of all it does in this critical period, It has also added many financial relief packages to cushion the blow that COVID-19 has dealt many business owners especially those in the SME sector.
Additionally, UMB has rolled out for government workers and public servants, an exciting loan package- the UMB Controller Loans, to help them secure up to GHS150, 000 at a competitive interest rate and then pay back within a 48-month period so that they can also finance their everyday personal needs.