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Business > Money Market
UBA (Ghana) records 106% profit growth H1
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By Staff Reporter
September 10, 2012 14:47:12pm GMT      |      Views: 284

WorldStage Newsonline-- United Bank for Africa (Ghana) has reported a profit-after-tax of GH¢20.51 million for the first half of 2012 compared with GH¢9.98 million in the same period last year, an increase of 106 percent.

According to the bank, a subsidiary of Nigeria’s United Bank for Africa Plc, net interest income jumped by 37 percent from GH¢14.62 million in June 2011 to GH¢20.04 million in June 2012.

The bank’s operating income also rose by 36 per cent to GH¢46.22 million in the period under review, from GH¢34.42 million recorded for the same period in 2011, while the bank’s total assets grew by 33 per cent from GH¢379.43 million in June 2011 to GH¢503.10 million as at June 30, 2012.

Moreover, the bank’s deposits increased by 41 per cent to GH¢361.67 million, compared to GH2¢57.12 million, 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, on the achievement, said “the consistent growth in the bank’s financial performance is as a result of efficiency and cost control measures adopted by management.”

UBA group is one of the largest financial services groups in Africa with operations in 19 African countries and also in London, Paris and New York.

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