Skip to main content

UBA records gross earnings of N138 billion

By: Fred Yaw Sarpong (Daily Express)

United Bank for Africa (UBA) Plc, one of the largest financial institutions in Africa, has announced the financial results for the first six months of the year, showing positive growth in financial indices.

According to the bank, the financial results released to the Nigeria Stock Exchange (NSE) revealed that UBA recorded a gross earnings of N138 billion (GH¢2.60 billion) for the period ending June, 2014.

This represents an increase of 8.66% over the N127 billion (GH¢2.40 billion) recorded in the same period in 2013.

The growth in gross earnings was boosted by an 11% increase in interest income to N98.5 billion (GH¢1.8billion) in the first half of 2014, from N88.6 billion (GH¢1.6 billion) in the same period of 2013.

The bank’s net interest income was up by 3.4% to record N55.2 billion (GH¢1.04billion). Non-interest income on the bank went up by 3.1% to record N39.8 billion (GH¢752 million); while operating income was up by 2.7% to earned the bank N92.2 billion (GH¢1.7billion).

Meanwhile, United Bank for Africa (UBA) Plc profits stood at N29 billion (GH¢548 million) for the first half 2014.

Mr. Phillips Oduoza, the Group Managing Director and Chief Executive Officer of the bank, assured that the bank will remained focused on its medium and long term strategies, to grow market share in all of its businesses across Africa, manage costs down and ultimately deliver value to all stakeholders.

“We are confident that business returns will be much better in the remaining period of the year, as we continue to deploy new and innovative ways of delivering value adding products and services,” said Oduoza.

United Bank for Africa Plc is one of Africa's leading financial institutions, offering banking services to more than seven million customers across over 700 business offices in 19 African countries.

With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments, trade finance and investment banking.


Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…

Enterprise Life inaugurates social centre for Kumasi SOS village

By: Fred Yaw Sarpong
Enterprise Life and Sanlam South Africa together with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed social centre at the SOS Children’s Village, Kumasi in the Ashanti region.
The project, valued at GHc485,000.00 forms part of Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR) to promote quality education and health for vulnerable children in Ghana.
The newly established social centre provides a suitable multi-purpose facility with a spacious auditorium among others to host different social activities related to child growth and development and will cater for both SOS children and students of the Hermann Gmeiner School.
The centre also offers the beneficiaries the opportunity to freely socialize and participate actively in educational oriented activities such as school concerts, art exhibitions and workshops.
The Executive Director of Enterprise Life, Mrs. Jacqueline Benyi expressed satisfaction that her outf…