UTRAK Savings and Loans PLC Publishes Audited Financial Statements for the Year Ended December 31, 2025
The Board of Directors of UTRAK Savings and Loans PLC has released the company’s audited financial statements for the year ended December 31, 2025.
The financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), the Companies Act, 2019 (Act 992), and the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), were approved by the Board on April 26, 2026, and signed on its behalf by Director Dr. Kojo Debrah.
Financial Performance Overview
During the 2025 financial year, UTRAK experienced significant growth in its core operating activities, driven by an expansion in customer deposits and lending. However, rising operational expenses led to an increased net loss for the year.
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Gross Interest Income: Climbed significantly to GH¢ 15,565,720 in 2025, up from GH¢ 8,676,432 in 2024.
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Net Interest Income: Improved to GH¢ 9,792,032, compared to GH¢ 7,700,369 in the previous year.
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Operating Income: Grew by 27% to GH¢ 11,623,681 (2024: GH¢ 9,153,546).
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Total Operating Expenses: Heightened operational costs, including employee benefits (GH¢ 14,788,941) and other operating expenses (GH¢ 10,718,059), drove total operating costs up to GH¢ 25,507,000 (2024: GH¢ 18,070,920).
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Net Loss: The company recorded a loss before taxation of GH¢ 14,548,686. After accounting for an income tax credit/expense provision of GH¢ 2,529,895, the loss for the year stood at GH¢ 12,018,790 (2024: loss of GH¢ 7,920,908).
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Dividends: The Directors do not recommend the payment of a dividend for the year ended December 31, 2025 (2024: Nil).
Balance Sheet Growth & Net Worth Enhancement
Despite the net loss, UTRAK significantly expanded its asset base and total net worth, bolstered by strong shareholder support and customer trust.
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Total Assets: Increased by 32.1% to GH¢ 102,690,615 as of December 31, 2025, up from GH¢ 77,702,453 in 2024. This was primarily driven by a sharp rise in loans and advances to customers, which grew to GH¢ 41,589,058 (2024: GH¢ 24,005,949).
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Customer Deposits: Demonstrated high depositor confidence, surging by 51.2% to GH¢ 80,349,304 from GH¢ 53,123,228 in 2024.
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Shareholders’ Equity & Net Worth: The total net worth of the company improved to GH¢ 19,529,402 in 2025 (2024: GH¢ 16,548,193), supported by a GH¢ 15,000,000 injection as deposit for shares.
Independent Auditor’s Report
The independent auditing firm, J.A. Abrahams & Co. (Chartered Accountants), led by engagement partner Daniel Wilson Addo, issued an unmodified (clean) audit opinion on the financial statements. The auditors confirmed that the financial statements give a true and fair view of UTRAK’s financial position as of December 31, 2025.
Auditor’s Emphasis of Matter: Capital Adequacy
The auditors drew attention to the company’s regulatory capital positioning through an Emphasis of Matter paragraph:
“The Company’s Capital Adequacy Ratio (CAR) of negative -12% as at 31 December 2025 is below the regulatory minimum requirements of 10%, as prescribed by the Bank of Ghana… the Company’s ability to continue as a going concern is dependent on its ability to improve profitability, strengthen its liquidity position, and enhance the performance of its investment portfolio.”
Corporate and Strategic Response
In response to the capital requirements, the Directors have actively assessed the company’s position and remain confident in its operational resilience. The Board has indicated that shareholders are committed to introducing additional capital into the business to support operations, stabilize the Capital Adequacy Ratio, and fulfill regulatory compliance frameworks moving forward.
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Corporate Social Responsibility (CSR)
Reaffirming its commitment to social development and community impact, UTRAK Savings and Loans PLC invested GH¢ 15,500.00 into various Corporate Social Responsibility activities during the year under review.
The Board of Directors expressed its profound gratitude to the management, staff, and loyal customers for their continued dedication and trust as the institution maneuvers through its growth phase.
By Order of the Board Dated: April 29, 2026
Below is the full statement for download
UTRAK 2025 YEAR AUDIT REPORT EXTRACT (1)
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