News Column

UBA Posts N138 Billion Second Quarter Earnings

July 29, 2014

Bamidele Ogunwusi

United Bank for Africa (UBA) Plc; one of the largest financial services institution in Africa, has released its unaudited financial results for the first six months of the year, showing positive growth in financial indices.

In the financial results, UBA recorded a gross earnings of N138 billion, representing an increase of 8.66 percent over the N127 billion recorded in the same period in 2013.

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

There were also increases in other financial indices; Net interest income was up 3.4 percent to N55.2 billion, non-interest income rose 3.1 percent to N39.8 billion; operating income was up 2.7 percent to N92.2 billion and profits stood at N29 billion for the period.

Commenting on the results, Phillips Oduoza, Group Managing Director and Chief Executive Officer, 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.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters