Concord Times (Freetown)

10 January 2011

Sierra Leone: UTB Celebrates Double Profit With 'Jazz Nite'

Freetown — One of the leading indigenous banking institutions in Sierra Leone, Union Trust Bank (UTB), on Friday held its 'Annual Cocktail' to say thank you to its valued and loyal customers.

The event, hosted at the Hill Station residence of the bank's CEO and chairman, James Sanpha Koroma, also aimed at giving assurance to UTB shareholders that the company was doing well and to congratulate staff for another year of stellar performance.

"As we reflect on 2010, we cannot underestimate the daunting challenges both within the industry and without. These are known to all of us, as well as their impact on our respective balance sheets and bottom lines particularly in the banking industry," noted CEO Sanpha Koroma as he welcomed guests to the event. "However, these challenges notwithstanding, we worked side-by-side successfully to serve our clients, shareholders, our communities and met our corporate obligations and responsibilities with integrity and diligence."

Koroma informed guests that subject to certification by their auditors, UTB's net profit for 2010 almost doubled that for 2009. "No doubt, that will be most welcome to both our shareholders and the minister of Finance and his NRA," he said.

Koroma said UTB was proud of its 'business model', noting that it was not only sound but also effective, relevant and clearly proactive. "It is on this continuing relevance and effectiveness of our corporate vision and mission that we want to assure all Sierra Leoneans that we shall remain focussed - occasional distractions notwithstanding - in achieving results, year-in and year-out, to make us proud as a major indigenous enterprise," he said.

He thanked shareholders, directors, management and staff of the bank for sharing the success with them.

The event was witnessed among many dignitaries by the Finance and Economic Development minister, Dr. Samura Kamara, Defence minister Alfred Paolo Conteh, and SLPP flag-bearer aspirant Momodu Koroma.

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