Fidelity bank banner Bayelsa State banner
UBA declares interim dividend as profit rises 40 percent •Half year earnings hit N167 billion

By News Express on 07/09/2015

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,568


Pan-African financial services group, United Bank for Africa Plc, has announced its audited 2015 half year financial results.

The results showed strong growth in earnings and profits, as the bank continued to benefit from its determination to provide value to its large customer base in Nigeria, its increasingly important pan-African network, now contributing over 23% of profit after tax, and its prudent management of costs and risk. In a time of increased economic challenge, the bank has continued to extend loans to Nigeria and to support domestic Nigerian businesses.

In line with best practice in corporate governance, UBA has elected to have its half year results audited, before its release to the Nigerian Stock Exchange (NSE) last week Wednesday, September 2.

UBA’s earnings grew strongly by 21% to N166.9 billion during the period, compared to N138.2 billion in the same period of June 2014. The bank’s profit before tax (PBT) also rose 35.1% to N39.0 billion, while profit after tax (PAT) was up a significant 40% to N32 billion within the same period. As a reward to shareholders, UBA has announced the payment of an interim dividend of 20 kobo per share.

Speaking on the results, Phillips Oduoza, Group Managing Director/CEO said: “In spite of a challenging operating environment, our business strategy has proved to be resilient, balancing prudence, with an ability to significantly grow bottom line and continue to focus on operating effectiveness. We look forward to continuing to support our customers and working with them to achieve financial success for them and the wider Nigerian and African economies.”

Further analysis of the UBA 2015 half year results showed significant improvement in operational efficiencies. The bank’s net operating income rose 21% to N108.7 billion in June 2015, compared to N90 billion in the comparable period of 2014. The bank has continued to focus on operational efficiency, with a cost to income ratio of 64%; as against 68% in the same period in 2014.

Oduoza explained: “We delivered strong growth of 21% in gross earnings and 40% in profit after tax, reflecting better extraction of value across all business segments and our ongoing process optimisation. It was also satisfying to see our cost-to-income ratio decline further. We understand that many in Nigeria are facing difficult economic circumstances and we are very much shouldering our responsibility to support and grow wealth creation.”

UBA maintained a healthy loan book, a tribute to both its risk management and to the robustness of its clients’ businesses, with non-performing ratio at just 1.8% of total loans granted, one of the lowest in the banking industry.

Speaking on the performance of the bank’s African subsidiaries Group Chief Financial Officer (CFO), Ugo Nwaghodoh, said: “Our business in Africa (ex-Nigeria) is beginning to significantly impact our returns, contributing 23% of profit after tax, with an even stronger outlook.”

Nwaghodoh also disclosed that recent initiatives taken by the Bank to improve operational efficiencies “are yielding positive results, thus reinforcing our optimism on the future of UBA’s African business.”

The UBA Group is one of Africa’s leading financial institutions, operating in 19 African countries, as well as New York, London and Paris. The Group provides a sophisticated suite of banking services to over 8 million personnel and corporate clients across Africa, priding itself on bringing financial inclusion to the Continent and supporting Africa’s next generation of entrepreneurs.

•Photo shows UBA Group MD/CEO Phillips Oduoza.

Source News Express

Posted 07/09/2015 5:06:45 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Utuama appeals to delegates ahead of Delta 2015...

Botched jailbreak: Umahi declares state of emergency as...

Jonathan condemns attempt by his party (PDP) to...

Obi, Yuguda storm Dubai for Jonathan

Your dollars and pounds are safe, CBN assures...

I’ll complete all road projects within Ibadan metropolis...

Court orders arrest of former Enugu Governor Chimaroke...

Google becomes world’s most valuable brand

Premium Times bounces back after attack

2019: Dawn of Regenerated Kwara, By Abdulrazaq Magaji...

Doctors head for court over shooting of member...

Shiites uncover plot to attack members during trek...

 

Latest News Nigeria needs national maritime policy — Enwelu, NCMDLCA Apapa Boss Stranded Nigerians in Russia back in Abuja Where politics disunites, football unites NELMCO’s example in public assets disposal, By Abdulahi Ibrahim BREAKING: Aregbesola’s Chief of Staff floors Reps Deputy Speaker, others to emerge Osun APC guber candidate 2019: All set for Atiku's declaration for president Court fines hospital N.5m for detaining baby’s corpse, parents UNN set to export ginger to USA 2019 election: 8 PDP governorship aspirants opt for consensus in Kaduna Violence, late arrival of election materials characterise Osun APC guber primaries Forex: CBN flags off sale of Chinese Yuan Gunmen storm Zamfara market; kill 2, injure others

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (363,243 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (359,039 views) Shameless Genevieve Nnaji exposes breasts in public (287,441 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (235,883 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (215,171 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (212,887 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (186,971 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (168,921 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (156,538 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (153,220 views) Lagos plane crash: Journalist releases victims’ names (147,990 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (139,136 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (52) Business & Economy (3,363) Business Verdict (47) Columnists (890) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (516) Features (616) Global Business Monitor (286) International (2,148) Interview (158) Live Commentary (28) Love Matters (127) News (37,319) Opinion (1,024) Pidgin (10) Politics (5,627) Religion (787) Sports (1,612) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Nigerian detainees send SOS from Osama prison

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement