UBA Records Profits

United Bank for Africa (Ghana) posted a profit-after-tax of GH¢20.51 million for the first half of the year compared to GH¢9.98 million for the same period, representing an increase of 106 percent.

Net interest income increased by 37 percent from GH¢14.62 million in June 2011 to GH¢20.04 million in June 2012.

Operating income was also GH¢46.22 million in the period under review, representing an increase of 36 percent from GH¢34.42 million recorded for the same period in 2011. Similarly, the bank’s total assets grew by 33 percent from GH¢379.43 million in June 2011 to GH¢503.10 million as at June 30, 2012.

In addition, the bank’s deposits increased to GH¢361.67 million, compared to GH2¢57.12 million, an increase of 41 percent while net loans increased to GH¢103 million as at June 2012 from GH¢77.41 million as at June 2011, an increase of 34 percent.

Charles Appiah, Chief Financial Officer (CFO) of UBA, commenting on the achievement, observed that “the consistent growth in the bank’s financial performance is as a result of efficiency and cost control measures adopted by management.”

UBA Ghana is a subsidiary of United Bank for Africa Plc in Nigeria, one of the largest financial services groups in Africa with operations in 19 African countries and three global financial centers – London, Paris and New York.