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UBA reports positive set of financial results

31 March 2014, 11:03

Lagos- The United Bank for Africa (UBA) has reported a gross earning of N264.7 billion in its financial results for the 12 months ended December 31.

The bank said the results, which have been submitted to the Nigerian Stock Exchange (NSE), represented a 20.2 percent increase in its gross earnings

It said the impressive result was largely driven by a growth of 40.4 percent in loans and advances as well as a 25 percent growth in the bank’s total deposits.

The bank also reported a loan-to-deposit ratio improved from 38.7 percent to 44.3 percent saying that the remarkable growth in loans and advances,especially in the last quarter of the year, put the bank in a vantage position for continued revenue growth in the coming years.

In addition to achieving this growth, UBA said it also enhanced its operational efficiency and productivity with the Cost-to-Income ratio improving by 4 percent to 60.9 percent during the period.

This improvement according to the bank was largely through prudent cost management policies, enhanced efficiency of the bank’s network and the impact of other productivity initiatives.

In the report presented to the NSE,  the bank’s profit before tax grew by 7.8 percent to N56.06 billion, representing a return on equity of 21.8 percent.

The report also showed that UBA ended the year with a total balance sheet size of N2.64 trillion and a total deposit base of N2.22 trillion.

- CAJ News

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