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UBA Records 32% Rise in Pre-tax Profit

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  • UBA Records 32% Rise in Pre-tax Profit

United Bank for Africa Plc posted a 32 per cent increase in its profit before tax for the 2016 financial year, its audited 2016 full-year results showed.

The pan-African financial services group, with presence in 19 African countries, said its pre-tax profit was N91bn, up from N68bn in 2015.

In a statement on Sunday, it described the growth in gross earnings and profits as an attestation to its resilience, enhanced productivity and geographic diversification, evident in the impressive contribution from its African subsidiaries.

The group recorded a 22 per cent growth in gross earnings to N384bn as of December 2016 from N315bn at the end of the 2015 financial year.

It said, “The impressive growth illustrated the bank’s ability to grow profitability despite the difficult macro-economic environment. In addition to the rising adoption of electronic banking channels in many of the African markets, where UBA operates, the bank leveraged its strong franchise and geographical footprint.”

According to the statement, UBA’s profit after tax grew by 22 per cent to N72bn, from N60bn recorded in 2015, and the performance was buoyed by considerable growth in both interest and non-interest income, as well as increasing efficiency gains from cost management initiatives.

It said UBA’s subsidiaries outside of Nigeria were increasingly gaining market share, reinforcing the strong and impressive subsidiary contribution to the group, estimated at one-third of profit in 2016 from a quarter in the 2015 financial year.

The group’s board of directors proposed a final dividend of 55 kobo, subject to the approval of the shareholders at the forthcoming annual general meeting, holding next month in Lagos.

According to the statement, the bank had earlier paid an interim dividend of 20k to shareholders, bringing the total dividend for the 2016 financial year to N0.75, an unprecedented yield of 13.9 per cent, based on the stock’s unit price of N5.39 on the floor of the Nigerian Stock Exchange.

The Group Managing Director and Chief Executive Officer, Mr. Kennedy Uzoka, expressed satisfaction at the resilience of the bank, despite the macroeconomic challenges in a number of countries.

“Given the operating environment in 2016, I am very pleased with our profitability – an impressive 32 per cent growth in profit before tax to N91bn – whilst we have also focused keenly on operational efficiencies, illustrated by the reduction in our cost-to-income ratio.” Uzoka said.

On the outlook for the 2017 financial year, Uzoka, said, “As we implement our Customer First Philosophy, we are approaching 2017 with real optimism, especially with the outlook remaining positive in many of our markets, where we benefit from our increasingly diverse revenue streams.

“We reiterate our pledge to delivering excellent service to our customers, and remain committed to creating superior and sustainable return for our shareholders.”

The Chief Financial Officer, UBA Group, Mr. Ugo Nwaghodoh, said the bank extracted efficiency gains across its operations to boost profitability and saw significant improvement across major performance metrics including the net interest margin.

“Our performance in 2016 reflects the strong potential and resilience of our business. We grew top and bottom lines by 22 per cent and 32 per cent respectively, despite the stagflation in Nigeria, our core market. Reflecting improved balance sheet management and better value extraction, our net interest margin improved 40bps year-on-year to 6.7 per cent,” he said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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FG Includes Emirates Airlines in Restricted Flights

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FG Restricts Emirates Airlines From Flying Nigeria

The Federal Government on Friday said it has included Emirates Airlines in the list of airlines not allowed to fly into Nigeria as part of measures to contain the spread of COVID-19 in Nigeria.

Hadi Sirika, the Minister of Aviation, disclosed this via his official Twitter handle on Friday.

According to him, the decision was taken after a meeting between members of the Presidential Task Force on COVID-19 and European Union ambassadors.

The minister said the ban would take effect on Monday, September 21, 2020.

The PTF sub-committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st September 2020,” Hadi Sirika tweeted.

“The PTF sub committee met today with EU Ambassadors to discuss Lufthansa, Air France/KLM ban. The meeting progressed well. Emirates Airlines’s situation was reviewed & they are consequently included in the list of those not approved, with effect from Monday the 21st Sept. 2020.

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FG to Absorb Exited N-power Beneficiaries into New Program

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Exited N-power Beneficiaries to Be Absorbed into Another Program

The Federal Government has commenced plans to absorb exited N-power beneficiaries into a new program in an effort to help them eke a living.

Sadiya Umar Farouq, the Minister of Humanitarian Affairs, Disaster Management and Social Development, made the statement at an interactive forum with state focal persons of the National Social Investment Programmes in Abuja.

She said: “As we renew our commitment to the service of humanity, I will like to cease this opportunity to once again state that we have successfully exited Batch A and B of the N-Power beneficiaries in June and July respectively and we are still working towards ensuring a transition plan that will further engage or absorb them into other programmes.

Sadiya also stated that the selection process of the Batch C N-power application will be thorough and base on merit.

We have also received over 5 million applications from proposed N-Power Batch C and we are currently in the process of selecting the qualified beneficiaries coming into the programme.

“I assure all the applicants and Nigerians that the selection process will be transparent,” she said.

She added that, “I wish to reiterate that I have given approval for the payment of stipends for the exited beneficiaries of batches A and B up to the month of June 2020 including that of the independent monitors. Also, the final payment of stipend for Batch B is almost ready for transmission to the office of the Accountant General of the Federation for final checks and payment.

The minister urged state coordinators to discharge their duties diligently and not let her down.

It is against this background that I urge everyone of you to continue to give in your best to ensure the lives of those we are called to serve are made better.

“We must not lose sight of the fact that each one of the vulnerable persons are not mere numbers or statistics but real people with dreams, hopes, aspirations and a desire to live decent lives in peace and safety,” he submitted.

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FG Says All Airports Are Now Open for Domestic Flight Operations

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All Airports Are Now Open for Domestic Flight Operations Says FG

The Federal Government on Monday said all airports in the country are officially open for domestic flight operations.

This was disclosed by the Minister of Aviation, Hadi Sirika, during the briefing of the Presidential Task Force on COVID-19 on Monday in Abuja.

Hadi, however, noted that operators flying into private-owned airports must know the status of such airports.

Speaking at the PTF Briefing, the minister said there is no need for flight approval within Nigeria again as all airports are now opened for domestic operations.

He said, “All airports in Nigeria are now open for domestic flights, including those that are for private charter operations.

“They (operators) will no longer need approvals from us to operate domestically within government-owned airports. However, for the private airports, operators should check their safety status with the Nigerian Civil Aviation Authority.

“Such airports are Jalingo, Uyo, Asaba, Gombe, Nasarawa, Damaturu, Osubi, etc. So you don’t need any approval from the minister, but you should check the status of these airports with the NCAA.”

Commenting on international chartered flights, the minister said they need approvals to flight out of the country.

He said, “All flights out of the country that are private charter will still need approvals for those kind of flights, including technical stops.

“So with this, it means that the approvals that are sent via the NCAA, NAMA and myself will cease and if there is any change, it will be so advised accordingly.”

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