UBA Ghana records $12.72m profit after tax in 2011

The United Bank for Africa Ghana Limited, a subsidiary of UBA Plc, has announced a profit after tax of $12.72 million (GH¢22.4 million) for 2011, from $5.20 million (GH¢9.2 million) in 2010.

The Nigerian Punch news publication April 4, 2012 cites a statement released by the Bank April 3 saying its profit for the year ended 2011 showed an increase of 143%, on the back of improved risk analysis and prudent operational costs.

“Specifically, UBA Ghana with 26 fully-networked branches and 40 Visa-enabled ATMs spread across Accra, Tema, Kumasi, Takoradi and Aflao, recorded a profit before tax of GH¢30.2 million ($17.653 million) in 2011 against GH¢13.9  million ($7.86 million) in 2010, representing an increase of 143% over the previous year,” the publication quoted the text of the statement.

The Bank’s deposit volume for the period increased to GH¢404.6 million ($228.8 million) from GH¢311.2 million ($176 million) in 2010.

It added that the bank’s improved risk analysis and prudent measures contributed in reducing its non-performing loans from 19% in 2010 to 7.91% in 2011.

By Ekow Quandzie