Guardian ( Trinidad and Tobago )
26 May 2023 ( Page 15 )
UTC net income dips in 2022
The Unit Trust Corporation’s (UTC) net income for its
2022 financial year was $52 million, a dip of $20
million or 27.7 per cent from its 2021 income,
according to the corporation’s 2022 annual report.
At the mutual fund company’s annual meeting held
at the Government Campus auditorium in Port-ofSpain yesterday, the UTC’s Chief Financial Officer
Kerri Maharaj said this performance was creditable
given the economic climate created by the COVID-19
pandemic and the Russia-Ukraine conflict.
“What is also important is to remember that 2020
and 2021 were very difficult years. And those
headwinds have not stopped.
We still have inflation, the Russia Ukraine war is still
happening.
So to be able to maintain a profitability, a relatively
consistent profitability of over $50 million is a really
great achievement,” said Maharaj, who also pointed
out that while profits dipped the UTC’s capital
position increased to $1.64B in 2022 from $1.59M in
2021.
UTC executive director, Nigel Edwards, also
acknowledged the challenges the UTC faced in its
transition to new chip cards which adversely affected
customers.
Edwards said, “I’m very painfully aware that our
customers have experienced some challenges as we
moved through the implementation. And in some
instances, there are still intermittent periods where
customers encounter inconveniences that relates to
wait times and card transactions. The fact is our
experience with the new card system has fallen way
short of our expectation of service delivery to you. I
give you the assurance that our team is working
tirelessly and working collaboratively with all our
partners, both locally and internationally to ensure
that you get 100 per cent transaction success and
satisfaction. That’s our goal and that’s what we are
promising to deliver to you.”
Edwards however hailed the UTC’s regional
expansion in Jamaica and the Eastern Caribbean as
he said he hoped to create wealth creation
opportunities for the Caribbean through the lessons
learnt in the Trinidad and Tobago market.
Photo - New UTC chair Jo-Anne Julien at UTC 41st annual
meeting held at Government Campus, Richmond
Street, Port-of-Spain, yesterday./
PICTURES NICOLE DRAYTON-
UTC executive director Nigel Edwards addresses
unitholders at the Corporation’s 41st annual
meeting at the Government Campus, Richmond
Street, Port-of-Spain, yesterday.