UBA Reports Gross Earnings of N494bn For 2018

• UBA Reports Gross Earnings of N494bn For 2018

The United Bank for Africa reported gross earnings of N494 billion at the end of the 2018 financial year.

The amount was 7 percent higher than the N461.6 billion generated in the corresponding year of 2017.

In a statement filed through the Nigerian Stock Exchange, the commercial bank recorded growth across major lines.

Despite the challenging business environment in 2018, profit before tax rose by 2.4 percent from the N104.2 billion reported in 2017 to N106.8 billion

Profit after tax gained 1.4 percent to N78.6 billion, up from N77.5 billion recorded in 2017.

During the period the bank’s total assets grew by 19.7 percent to N4.9 trillion in the year under review.

“These results, according to financial analysts, demonstrated the benefits of the group’s Pan-African footprints with continued growth in market share in key countries of operation across Africa,” the bank stated.

Operating expenses, however, grew by 4.1 percent during the period to N197.3 billion, up from N189.7 billion in 2017.

The group attributed the increase to unfavourable foreign exchange rate.

Speaking on the report, Kennedy Uzoka, the Group Managing Director/Chief Executive Officer, said the group gained additional market share in many countries.

Uzoka stated, “Defying the relatively weak economic growth in Africa, earnings were positive and we grew our balance sheet by 20 percent, driven by the 23 percent growth in our deposit funding. In a period of economic uncertainty, we have focused on retail deposit mobilisation, with exciting results. We recorded a 48 percent year-on-year growth in retail deposits and improved our CASA ratio to 77 percent, optimising our funding mix, which will enhance our net interest margin, over the medium term.”

The bank officially launched its full banking operation in the United Kingdom in February 2019 to further facilitate trade between African nations and the rest of the world.

Chairman, UBA Group, Tony Elumelu, described the new UK bank as a global financial facilitator for businesses across the globe.

“Our intent is to follow our customers, to continue to support our customers and Africans,” Elumelu said.