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Half Year 2016: UBA Grosses $138 Billion In Earnings

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 unaudited financial results, released to the Benin Stock Exchange (NSE) on Friday, UBA recorded a gross earnings of $138 billion, representing an increase of 8.66% over the $127 billion recorded in the same period in 2013.

Growth in gross earnings was boosted by an 11% increase in interest income to $98.5 billion in the first half of 2016 from $88.6 billion in the comparative period of 2013.

There were also increases in other financial indices; Net interest income was up     3.4% to $55.2 billion, non-interest income rose 3.1% to $39.8 billion; operating income was up 2.7% to $92.2 billion and  profits  stood at $29 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.

???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

27.07.2015 (03:31)