Cameroon – Finance: UBA Cameroun’s net result increases by more than half of FCfa one billion during the first half of 2016

Written by Deckson N.

As at June 2016, the Cameroonian subsidiary of the Nigerian banking group UBA had a net result of 706 million Naira (FCfa 1.343 billion), against 419 million Naira (FCfa 797 million) over the same period in 2015. Thus an increase of more than FCfa 540 million, according to the consolidated financial statements published by the group.

At the same time, these official documents reveal that this bank saw an increase in the deposits made by its clients, which peaked at 115.919 million Naira (FCfa 218.7 billion) as at 30 June 2016, a rise of FCfa 72 billion compared to the 77.045 million Naira (FCfa 146.4 billion) taken in at end June 2015.

This dramatic increase in client deposits enabled UBA Cameroun to offer more financial support to its clients. Indeed, over the period under consideration, client loans reached 54.696 million Naira (FCfa 102.7 billion), against 37.559 million Naira (FCfa 70.3 billion); thus an increase of more than FCfa 30 billion.

These client credits will register a significant progression during this 3rd quarter 2016, with the recent loan of FCfa 24.4 billion granted to the State of Cameroon, to finance its share in the project for the construction of a 60,000-seat stadium in Olembe, in the suburbs of Yaoundé, in the run-up to the 2016 African Cup of Nations.

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Deckson N.

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