UT Bank recorded a 342 percent profit in the first three months of the year.

Its profit surged to 4.646 million cedis at the end of the first quarter of this year as against 1.347 million cedis during the same period last year.

The indigenous bank which announced an increase in its minimum capital to about 75 million cedis saw growth in interest income from 19.809 million cedis in March 2011 to 29.225 million cedis in March this year.

At the same time it was able to recover 318,000 cedis of its bad loans.

The bank last week secured an approval from shareholders from an additional injection of 10 million dollars by German Development Corporation, DEG.

Deputy Managing Director, Pearl Esua-Mensah in an interview with XYZ BUSINESS stated that the bank’s target is to have a strong balance sheet this year.

“We definitely want at the end of this year to be known as a strong, well structured bank with a very solid balance sheet” she said adding “we need to take up the business opportunities that are available and we believe that we have the right structures now to do that”.