UBA Grosses N138 Billion in Earnings of Half-Year 2014

The United Bank for Africa (UBA), one of the largest financial services institutions in Africa, has released its unaudited financial results for the first six months of the 2014 financial year, showing positive growth in financial indices.

In the unaudited financial results, released to the Nigeria Stock Exchange (NSE) last Friday, the UBA recorded a gross earnings of N138 billion, representing an increase of 8.66% over the N127 billion recorded in the same period in the financial year of 2013.

Growth in gross earnings was boosted by an 11% 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% to N55.2 billion; non-interest income rose 3.1% to N39.8 billion; operating income was up 2.7% 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 will remain 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 added products and services," said Oduoza.

United Bank for Africa 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.