UBA posts strong half year results
The strong performance of UBA Plc, in the aftermath of the recent banking reforms and the aggressive provisioning that characterized the industry, has continued with the release of the Bank's half year trade financials at the Nigerian Stock Exchange this week.
UBA recorded a strong growth of 370% in Profit Before Tax and Exceptional Items, from N2.6bn to N12.16bn in the period ended June 30, 2010. A further analysis of the result shows that pre-tax profit increased to N8.6bn (N135m in the corresponding period).
The Group recorded a 12% growth in balance sheet size to N2.5 trn; driven largely by growth in customer deposit to N1.36trillion, which attests to customers' continued confidence in the UBA brand. Also, Loans and advances increased by 10% as lending to Corporate and retail customers continued. UBA's liquidity ratio stood at 40 %(15% above the regulatory minimum of 25%).
Commenting on the result, the bank's Executive Director-Finance, Mr. Emmanuel Nnorom said the performance trend will continue to improve in the coming periods. His optimism is predicated on a “number of initiatives” which are being implemented across the group.
According to him the bank will continue to leverage its operations in sixteen African countries, strong retail banking franchise, Group Shares Services, wide array of products, and treasury and liquidity management to grow the bottom-line.
He emphasized that the Bank will continue improvements in customer service and further grows lending to achieve the group's corporate goals.
United Bank for Africa Plc is one of Africa's leading financial services institutions offering universal banking to more than 7.5 million customers. UBA currently operates in 16 countries, namely: Nigeria, Ghana, Uganda, Kenya, Tanzania, Cameroon, Côte d'Ivoire, Liberia, Sierra Leone, Senegal, Burkina Faso, Chad, Benin, Guinea, Kenya and Gabon together with presence in New York, London and Paris. “Our Pan -Africa strategy has continued to yield results, having contributed 10% to Group deposits and 11% to Gross Revenues” revealed Nnorom.