UBA Bank reports first profit in six years

UBA Bank Kenya has recorded a profit of Sh2.9 million in March 2015, up from a loss of Sh50.9 million in the same period last year. This represents a 105.7 per cent growth.

Increased lending saw a 92.84 per cent growth in net loans while advances grew to Sh1.55 billion this year, up from 805 million during the same period last year.

The bank also benefited from enhanced sales strategy which saw a 37.22 per cent increase in customer deposits - from Sh2.8 billion in March last year to Sh3.9 billion in March this year. Improved performance comes on the back of a strategic realignment late last year that saw leadership changes, beginning with the hiring of its first Kenyan Chief Executive Officer Isaac Mwige. "Our key objective is to transform this global giant into a local partner that every Kenyan can relate to. We shall begin with large corporates and SME clients then go down the social pyramid to support financial inclusion," said Mwige.

UBA Kenya recently unveiled its new mobile banking platform u-mobile that allow clients to conveniently monitor their accounts, order cards and cheque books. They can as well make fund transfers through Electronic Funds Transfer and Real Time Gross Settlements from the comfort of their home of office.