Pan-African financial services group, United Bank for Africa (UBA) Plc, yesterday, released its nine months unaudited financial results for 2015 showing a strong 44 per cent rise in profit after tax to N48.6 billion and a 17 per cent rise in gross earnings to N247.2 billion.
The third quarter results also show Net Operating Income (NOI) recorded a strong 21 per cent growth to N167.4 billion. The cost to income ratio remained within management’s guidance of 65 per cent, compared to 68.7 per cent in the corresponding period of 2014, as UBA continued to focus on improving operational efficiencies to deliver superior return to its shareholders.
In other indices, UBA closed the third quarter with total assets of N2.87 trillion, loan book of N1.01 trillion and a deposit base of N2.18 trillion.
(1) “We have continued to sustain our financial performance in 2015, leveraging our unique pan-African platform. (2) The strength of our committed work force in gaining competitive edge in the market place” said Phillips Oduoza, the group managing director/CEO, UBA Plc.
He also attributed the impressive performance of the Bank to (3) Enhanced balance sheet efficiency (4) Improving extraction of value from the Bank’s channels. (5) “We have also maintained our discipline on how, where and with whom we do business and I am happy with the results, as reflected in our earnings and asset quality” said Oduoza.
In the period under review, UBA maintained a Non-performing Loan ratio of 2.1 per cent and 0.6 per cent cost of risk. These ratios are amongst the lowest in the banking industry.
Highlighting some of the significant achievements in the third quarter, the bank’s GMD/CEO disclosed that UBA led a consortium of local banks to facilitate a USD1.2 billion syndicated facility for the National Oil Company in Nigeria, NNPC.