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UBA Bounces Back, Posts N54bn Profit


News » Business
Lagos

Image: UBA logo

May.13, 2013

 

United Bank for Africa (UBA) Plc last Friday announced a recovery from the N6.8 billion loss in 2011 to a profit N54.8 billion in 2012.
The company also recommended a dividend payment of 50 kobo per share for the year. UBA had in 2011 posted a loss on account of loan provisioning to clean up its balance sheet.   However, the bank has bounced back into profitability and recorded improvement in all   performance indices.

An analysis of the bank’s results showed gross earnings of 211.479 billion in 2012, up from N164.392 billion in 2011. Profit after tax  stood at N54.7 billion in 2011, compared with a loss of  N6.8 billion in 2011
Commenting on the results, the Group  Managing Director of UBA Plc, Mr Phillips Uduoza, said the bank achieved those results despite a tough operating environment, demonstrating the strength and resilience of its business model.

“Our success was again driven by the strength of our customer-focused, Corporate and Treasury driven business model. We are confident about our ability to deliver sustainable earnings growth in the future. We will continue to strategically invest in our businesses, manage our expenses and contain cost, whilst continually seeking ways to exceed expectations  of our stakeholders”  Oduoza said.

According to him, as always   the  employees and their dedication to customers and clients remains the driving force behind the  success, thanking them for  their tremendous contributions.

“The bank had a good performance for full year 2012, putting us in a position to commence the journey back to industry leadership and setting the stage for the attainment of our long term strategic intent of being a leading Bank on the African continent” he said.
Speaking in the same, the Group Chief Finance Officer Mr. Ugochukwu Nwaghodoh, said the bank has continued to focus on customer service delivery, efficient capital management and returns maximisation with return on equity exceeding 30 per cent in 2012, one of the highest in the industry.

“Our ability to serve clients globally with solutions tailored to their needs gives us a strong advantage in today’s rapidly changing and highly competitive market place.

Adopting a unique business platform across Africa, as a group, has also ensured that we present a single face to our customers and clients around Africa . This does not only help foster collaboration throughout the Group, it also strengthens our ability to deliver value adding and innovative solutions to our customers and clients through our integrated model” Nwaghodoh added. 

 

Article Credit: Thisday Newspaper

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Updated 6 Years ago
 

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