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-of-Spain 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.