UBA Sustains Growth Momentum, Grosses N290 Billion Earnings in 2014.

United Bank for Africa (UBA) Plc has released 2014 full year audited
results showing that consolidation of its African operations and enhanced
productivity across the group are sustaining the Bank’s growth momentum.
The results of the Pan-African Bank, released on Wednesday at the
Nigerian Stock Exchange (NSE), show a 10% growth in gross earnings to N290bn.
Phillips Oduoza-GMD/CEO, UBA Plc


In other indices,
the Bank recorded a Profit-Before-Tax of N56.2 billion and a Profit-After-Tax
of N48bn. Earnings received a boost from both Interest and Non-Interest Income
showing the Bank’s diversified and stable income base.   Interest
Income rose 5.91% to N197 billion in December 2014 from N186 billion in
December 2013, while Non-Interest Income rose by 18.17% to N93.3 billion
from N79.0 billion.
The Group Chief
Financial Officer (GCFO), Ugo Nwaghodoh expressed optimism that the Bank will
continue to record a steady and sustained increase in its profitability by
leveraging on low cost stable funds as well as rising opportunities in the
Bank’s target markets in Nigeria and across Africa.  
“The performance
of our African business was boosted by increased cross selling of our products
and a number of other strategic initiatives. As we gain critical mass in the
African market, we look forward to increased earnings in line with the
diversification of our business across Africa” explained Nwaghodoh.
Customer deposits
in the Bank in the period under review remained stable at N2.17 trillion in
2014.  Buoyed by this stability, UBA expanded its support for businesses
on the continent by increasing its loan book by 14% to N1.072 trillion in 2014.
“We expanded our
loan book without compromising our focus on asset quality. Notably, our
non-performing loan ratio remains one of the best-in-class at 1.6%, as we
responsibly grew risk assets in line with our defined risk appetite and target
markets” said the Group Managing Director/CEO, Mr. Phillips Oduoza.
The Bank was also
able to grow shareholders’ fund significantly by 13% to N265 billion in 2014
from N235 billion in 2013, with a capital adequacy ratio above regulatory
requirement. “We will leverage on our adequate capitalization and
liquidity to grow market share across target business lines” said Oduoza.
UBA also
announced that it is paying a proposed cash dividend of N0.10 per share in a
move, the Board says, is to effectively reflect the balance between giving
short term return to investors and the commitment to create sustainable long
term value to all shareholders.
“In arriving at
the N0.10 proposed dividend, the Board considered a number of factors including
shareholders dividend expectation, capital requirements for growth
opportunities, and increasing regulatory capital requirements under Basel II.
The board decided in favor of relatively higher earnings retention to
strengthen the capital base, in line with the strategic goal of increasing our
share of the market across all our business segments. We remain committed to
creating sustainable long term value to all shareholders,” said Oduoza.


United Bank for Africa Plc is
one of Africa’s leading financial institutions offering banking services to
more than 8 million customers across 605 Businesses Offices in 19 African
countries and three global financial centres. With presence in New York, London
and Paris, UBA connects people and businesses across Africa by offering
innovative products across all market segments.


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