UBA Records N111b Profit As Financial Year Ends

 

United Bank for Africa (UBA) has posted a Profit Before Tax (PBT) of N111.3billion for December 31, 2019, the financial year ended.

The bank also accented to reward stakeholders with a final dividend of 80 kobos per ordinary share of 50 kobos for the year.

Meanwhile, the final dividend, which is set to be confirmed by the shareholders at its Annual General Meeting (AGM), will estimate the total dividend for the year to N1.00, as the bank had paid an interim dividend of 20 kobos earlier in the year.

Reviewing the bank's audit results for 2019 released on the Nigerian Stock Exchange (NSE), the bank has made growth across the top and bottom lines over the period.

The bank also stated that the gross earnings have grown from N494billion recorded in the corresponding period of 2018 by 13.3% to N559.8billion.

Also, the Total assets have significantly grown by 15.1% to an unusual N5.6trillion during the period and UBA’s PBT was impressive as it grows from N106.8billion in 2018 to N111.3billion.

Still emphasizing on the growth record, the bank profit after tax rose by 13.3% with N78.6billion in 2018 to N89.1billion in 2019, operating expenses grew by 10.1% from N197.3billion in 2018 to N217.2billion,  remarkable 20.2%  growth to N2.1trillion in loans to customers, whilst customer deposits rose 14.4% from N3.3trillion to N3.8trillion.

Speaking on the result, the Group Managing Director/CEO, Kennedy Uzoka, said: “The year 2019 was a very remarkable one for UBA given the adverse market developments. Nonetheless, we achieved sizable growth in the balance sheets and earnings, even as we reposition the Bank for the future.

“Gross earnings crossed the N500billion threshold to N559billion, whilst total assets also crossed the N5 trillion-mark for the first time to N5.6trillion.

 “Our strategy remains centred around unparalleled service to our esteemed customers. Accordingly, we are making significant investments in a technology-driven transformation journey.

“We have recorded early gains as shown in the 39% growth in electronic banking income to N38.8billion 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.”

“In 2020, we will pursue the aggressive deepening of market share in all our subsidiaries, leveraging technology, rich human resources and our customer-first strategy to win in all the markets we operate, notwithstanding the challenges of our operating environment.”

Also, the Group CFO, Ugo Nwaghodoh, reiterated that the Bank is prepared to sustain impressive performance across key financial indices.