First: CODE tags are VERY important. Without them, we couldn't see that you didn't have the #! on the 1st line of your script at the start of the line. With the #! following a space, it is just a comment and your script will be run by the default shell on your system; not /usr/bin/ksh .
And, if you're using the Korn shell (or any shell that performs the variable expansions required by the POSIX standards), you can run this faster using shell expansions instead of invoking an external utility ( cut ):
With bash or a 1993 or later ksh ; yes. But, the substring extraction parameter expansions are not required by the standards and do not appear in nearly as many shells as the ${var#pattern} and ${var%pattern} expansions.