News Column

UBA Posts N138 Billion Gross Earnings, N29 Billion Half Year Profit

July 27, 2014

Helen Oji

UNITED Bank for Africa (UBA) Plc has posted gross earnings of N138 billion in its six months operations, against N127 billion achieved in 2013.

Specifically, the bank's unaudited financial results for the six months released to the Nigeria Stock Exchange (NSE) on Friday showed gross earnings of N138 billion, representing an increase of 8.66 per cent over the N127 billion recorded in the same period in 2013.

Growth in gross earnings, according to the bank, was boosted by an 11per cent increase in interest income to N98.5 billion in the first half of 2014 from N88.6 billion in the comparative period of 2013.

The bank's profits for the six months, however, stood at N29 billion, compared to N33 billion achieved in comparable period in 2013.

Net interest income rose by 3.4per cent to N55.2 billion while non-interest income increased by 3.1per cent to N39.8 billion during the same period.

Its added that the financial institution's operating income also appreciated by 2.7per cent to N92.2 billion

Commenting on the results, Group Managing Director and Chief Executive Officer of the bank, Phillips Oduoza assured that the UBA Group remained focused on its medium and long term strategies to grow market share in all 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 7 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." He added.

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Source: AllAfrica

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