Shareholders of UT Bank on Tuesday March 29, gave the board a mandate to raise capital of up to 50 million Ghana cedis by way of rights of issue and/or private placements on such terms and conditions as the Board may consider beneficial to the bank and its shareholders. The mandate also allows the board to provide specific rights (such as board representation) to certain categories of investors as they may consider appropriate and in the best interest of the Bank and its shareholders. The authorization was given at this year’s annual general meeting, which is the first for the bank since the acquisition and merger with the then UT Bank. Managers of the bank have described the measure as “An unprecedented achievement which was made possible through a similar authorization from shareholders of the then UT Financial Services during their last AGM in 2010.” On the financials, the Bank’s total income grew by 30% on prior year; the most significant increase was in the non-funded income which went up by 159%. A statement issued by the bank said “Our turnover on money transfer was also in excess of $13m. Non funded income from fees and commission on LC charges, gains in foreign currency transactions and money transfer are part of new business gains from having a banking license.” “I am proud of the performance of our team and the results UT Bank delivered for the fiscal year 2010 against the backdrop of the acquisition and a stabilising economy. The results reflect the underlying strength of our business and our strategies to improve shareholder value,” Chief Executive Officer, Mr. Prince Kofi Amoabeng said.