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: 2,658

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+




You may also like...
‘Boko Haram’s attack on Monguno desperate, diversionary’ •DHQ...

Fuel scarcity paralyses economic activities in South-East

One-day teenage Abia Governor awarded full scholarship

Court adjourns Saraki, Ekweremadu alleged forgery trial to...

Eid-el-Kabir: FRSC deploys 33,000 personnel, 859 patrol vehicles,...

NCAA gets new directors

Senate passes Immigration, Automotive Industry bills, confirms Gwarzo...

As Eze goes to troubled South Sudan, By...

Watertight security in Ekiti as INEC distributes election...

Ekweremadu donates to Gombe IDP camps, fetes Enugu...


Pictured: Reception for TA Orji ends in tragedy:...


Latest News Osun Election: Controversy as INEC official says his boss ordered him to destroy authentic poll result Double Tragedy: Ras Kimono’s wife dies three weeks after his burial Kogi LG workers now to receive 54 pct of salary Water projects: Minister pleads with court for more time to render account PDP screens 30 governorship aspirants in North East Anti-Corruption War: Strike weakens CCB, CCT Gunshot at Osun INEC office Flood overruns more Delta riverine communities, victims sleep in canoes PDP is party to beat in 2018, says Makarfi Aisha Buhari to address UN meeting on Tuberculosis Osun: INEC has shown its readiness for 2019 — Group Plateau SSG, commissioner resign to contest 2019 elections


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (396,513 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,758 views) Shameless Genevieve Nnaji exposes breasts in public (308,521 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,610 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (232,327 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,636 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (200,080 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,665 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,730 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,388 views) Lagos plane crash: Journalist releases victims’ names (158,165 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,911 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (63) Business & Economy (3,623) Business Verdict (52) Columnists (933) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (652) Global Business Monitor (301) International (2,427) Interview (165) Live Commentary (28) Love Matters (144) News (39,082) Opinion (1,110) Pidgin (11) Politics (6,711) Religion (872) Sports (1,701) Stock Watch (34) AMA & Al Jazeera Global Update


CBN banner

Firstmobile banner




I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...


APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera