UBA posts higher growth

The bank’s profit after tax also grew by 112 per cent from GH¢22.4 million in 2011 to GH¢47.5 million in 2012.

The performance, according to the Chief Executive Officer of the bank, Mr Oliver Alawuba, was mainly due to a 79 per cent rise in net interest income over the 2011 level on the back of over 62 per cent increase in the bank’s loan book.

The bank said the 41 per cent growth in investment in government securities (treasury bills and bonds) also boosted UBA’s profitability.

UBA also grew its assets base by 23 per cent in 2012 and the bank believed the performance had consolidated its position as one of the most profitable banks in the country.

Mr Alawuba stated that the consistent improvement in the bank's performance was attributable to “our excellent customer service which has led to a pool of loyal customers who do repeat business with us and give us referrals.”

He said the dedicated and hard working staff of the bank also ensured that customers were delighted, adding that the local subsidiary also had the ability to leverage on its parent company’s expertise and large balance sheet to seamlessly underwrite large transactions.

The Chief Finance Officer (CFO) of the bank, Mr Charles Appiah, said the bank had put in systems that made it efficient, saying “we have put in place several cost-efficient initiatives and strong risk management framework that optimise the use of our resources.”

The bank returned 50.3 per cent on equity, an increase from 32 per cent in 2011, while return on assets rose from 5.3 per cent in 2011 to 8.9 per cent in 2012.