M. Kennedy Uzoka, Group Managing Director, UBA Plc

UBA posts N89.1bn profit after tax

Isola Moses | ConsumerConnect

United Bank of Nigeria (UBA) Plc has posted a profit after tax (PAT) of N89.1 billion for the financial year ended December 31, 2019.

Agency report indicates that the profit after tax represented a growth of 13.3 percent to N89.1 billion, compared with N78.6 billion recorded in the corresponding period of 2018.

The Africa’s Global Bank profit before tax (PBT) stood at N111.3 billion, in relation to N106.8 billion achieved in the comparative period of 2018.

The financial institution’s result posted on the Nigerian Stock Exchange (NSE) Web site showed that the bank’s gross earnings grew by 13.3 percent to N559.8 billion in contrast with N494.0 billion recorded in the corresponding period in 2018.

UBA’s total assets also rose significantly by 15.1 percent to record N5.6 trillion for the year under review.

Operating Expenses grew by 10.1 percent to N217.2 billion, as against N197.3 billion in 2018, well below average inflation rate within the period, a reflection of cost efficiency gains.

Meanwhile, the bank has proposed a final dividend of 80 Kobo per Ordinary Share of 50 Kobo during the period under examination.

This brings the total dividend to N1, having paid an interim dividend of 20k earlier, according to the report.

Mr. Kennedy Uzoka, Group Managing Director (GMD) of UBA Plc, while commenting on the latest result, noted that 2019 was important for UBA Group, as it gained further market share in most of its countries of operations.

Mr. Uzoka said: “The year 2019 was a very remarkable one for UBA, given the adverse market developments.

“Nonetheless, we achieved sizable growth in balance sheet and earnings, even as we reposition the bank for the future.

“Our strategy remains centred around unparalleled service to our esteemed customers.

“Accordingly, we are making significant investments in a technology-driven transformation journey.”

According to the GMD, the bank has recorded early gains as reflected in the 39 per cent growth in electronic banking income to N38.8 billion in 2019 from N27.9 billion in 2018.

“Our businesses are gaining commendable share in their markets across regions in Africa, as we deepen the scale and scope of our operations,” he said.

Mr. Ugo Nwaghodoh, Group Chief Financial Officer, on the performance, stressed that UBA was well-positioned to sustain impressive performance across key financial indices.

The Group Chief Financial Officer stated that some of its previous investment in digital and technological transformation was already paying off significantly.

“We navigated the fragile yield environment in our largest market to deliver an eight per cent growth in net interest income to N221.9 billion,” Nwaghodoh disclosed.

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