United Bank for Africa (UBA) Plc, one of the largest financial service institutions in Africa, has recorded gross earnings of N138 billion (GH¢2.60billion) in the first half of 2014.     

This represents an increase of 8.66% over the N127 billion (GH¢2.40billion) recorded in the same period in 2013.

This was contained in the group’s unaudited financial results for the first six months of the year released to the Nigeria Stock Exchange (NSE) on Friday.

Growth in gross earnings was boosted by an 11% increase in interest income to N98.5 billion (GH¢1.8billion) in the first half of 2014 from N88.6 billion (GH¢1.6billion) in the comparative period of 2013.

There were also increases in other financial indices such as Net Interest Income was up     3.4% to N55.2 billion (GH¢1.04billion) and non-interest income which also rose 3.1% to N39.8 billion (GH¢752 million). Operating Income was also up 2.7% to N92.2 billion (GH¢1.7billion) whilst profits stood at N29 billion (¢548 million) for the period.

Commenting on the results, Phillips Oduoza, Group Managing Director and Chief Executive Officer, emphasized 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, he said”.

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.