Business News of 2013-12-22

Union Savings & Loans doubled loan portfolio in 2013

Union Savings and Loans has revealed that the company has more than doubled their loan portfolio as well as increased their deposit portfolio for the year 2013.

Managing Director of Union Savings and Loans, Philip Oti Mensah, made the revelation during the companies end of year thanksgiving dinner and awards night in Accra.

"We have grown in all areas, we have more doubled our loan portfolio, we have grown from GH3.5 million at the beginning of the year to now about 20 million; our deposit portfolio has grown from 10 million to almost 30 million."

The company also saw its total assets grow from GHS15 million to about GHS40 million.

According to Mr Oti Mensah, the company has been successful in all areas and parameters, ''In terms of branch expansion we have grown our number of branches from four to ten; we don't want to stop here,'' he added.

He was hopeful that his outfit will grow its loan portfolio from GHS20m to GHS80m by end of 2014, as well as increase the deposit portfolio to GHS100m.

"The main reason why we are doing this to be one of the top three savings and loans by 2015 and by 2017 we want to become a bank."

On the night awards were given to five top "long serving staff", five loyal clients and eight other staff were also rewarded for their performance in 2013.

"The reward for the clients is a 3-year GHC 10,000 scholarship package for their children or other relations."

The Board Chairman of Union Savings and Loans, Baba Issah also expressed gratitude to the staff and clients of the company.

"First and foremost we thank God for his grace and mercy to give us life and also to sustain our strength and wisdom to build a great institution with huge potential to be unleashed in the years ahead."

UNION is one of the oldest savings and loans companies in Ghana.