UBA reported GH¢4.1 billion in 2021, a significant increase from the GH¢2.8 billion posted in 2020 which the MD attributed to factors such as the bank's digital channels and financing for SMEs (Small and Medium scale Enterprises).

He made these remarks during UBA's Annual General Meeting held at Mariott Hotel in Accra.

Mr Ofikulu noted that, despite a drop in the banks annual profit in 2021, there was a significant growth in their operating income for the same year.

UBA closed the year with a significant growth of 36 per cent of its balance sheet from GH¢3.95 million in 2020 to GH¢5.37 million in 2021.

Explaining further,  Mr Ofikulu said, "below the operating line, we have payments from transactions we handled ten years ago when the economy faced some challenges with oil trading, so we are here to do provision for them as directed by Bank of Ghana (BoG)" adding "but it will be recovered".

"Customers have realized that our platform is one of the best and they are happy doing business with us" Mr Ofikulu noted.

Mr Kweku Andoh Awotwi, Chairman, Board of  Directors said that the bank exercised financial prudence in the face of the COVID-19 pandemic. He pointed out that  after a global contraction of about 3.4 per cent in 2020, global output expanded by 5.5 per cent in 2021.

Policies from the central bank, he said, helped the sector to remain capitalized, liquid and profitable.

Total assets of the banking industry increased by 20.4per cent year-on-year to GHS179.8 billion at the end of 2021, representing an increase in growth compared to year end 2020's growth rate of 15.8 per cent.

He disclosed that Consortium Investment Trust (CIT), a Shareholder of the bank entered into an agreement with the Teachers' Fund another shareholder, where CIT sold all its shares in UBA Ghana to the Teachers’ Fund.

He said the transaction received the concurrence of the majority shareholder, UBA Pic, and the company secretariat has been directed by the board to  effect the necessary regulatory filings and amend the share register of the bank to reflect the new shareholding structure.

Stakeholders also voted to extend the mandate of the directors of the board for the bank, for the next three years.

Present at the AGM were officials and staff from UBA, stakeholders, and the media.