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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.

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