{"id":1107,"date":"2015-03-26T16:06:00","date_gmt":"2015-03-26T16:06:00","guid":{"rendered":"https:\/\/www.ubagroup.com\/57-marina\/2015\/03\/26\/uba-sustains-growth-momentum-grosses\/"},"modified":"2020-09-02T19:39:27","modified_gmt":"2020-09-02T19:39:27","slug":"uba-sustains-growth-momentum-grosses","status":"publish","type":"post","link":"https:\/\/www.ubagroup.com\/57-marina\/uba-sustains-growth-momentum-grosses\/","title":{"rendered":"UBA Sustains Growth Momentum, Grosses N290 Billion Earnings in 2014."},"content":{"rendered":"<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><span style=\"font-family: 'Century Gothic', sans-serif; line-height: 150%;\">United Bank for Africa (UBA) Plc has released 2014 full year audited<br \/>\nresults showing that consolidation of its African operations and enhanced<br \/>\nproductivity across the group are sustaining the Bank\u2019s growth momentum.<br \/>\nThe results of the Pan-African Bank, released on Wednesday at the<br \/>\nNigerian Stock Exchange (NSE), show a 10% growth in gross earnings to N290bn.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><\/div>\n<div class=\"separator\" style=\"clear: both; text-align: center;\"><a style=\"margin-left: 1em; margin-right: 1em;\" href=\"https:\/\/www.ubagroup.com\/57-marina\/wp-content\/uploads\/sites\/4\/2015\/03\/GMD-PhilipsOduoza-833x1024.jpg\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.ubagroup.com\/57-marina\/wp-content\/uploads\/sites\/4\/2015\/03\/GMD-PhilipsOduoza-833x1024.jpg\" width=\"520\" height=\"640\" border=\"0\" \/><\/a><\/div>\n<div class=\"separator\" style=\"clear: both; text-align: center;\"><span style=\"font-size: x-small;\">Phillips Oduoza-GMD\/CEO, UBA Plc<\/span><\/div>\n<div class=\"separator\" style=\"clear: both; text-align: center;\"><\/div>\n<p>&nbsp;<\/p>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><span style=\"font-family: 'Century Gothic','sans-serif';\">In other indices,<br \/>\nthe Bank recorded a Profit-Before-Tax of N56.2 billion and a Profit-After-Tax<br \/>\nof N48bn. Earnings received a boost from both Interest and Non-Interest Income<br \/>\nshowing the Bank\u2019s diversified and stable income base.\u00a0 \u00a0Interest<br \/>\nIncome rose 5.91% to N197 billion in December 2014 from N186 billion in<br \/>\nDecember 2013, while Non-Interest Income\u00a0rose by 18.17% to N93.3 billion<br \/>\nfrom N79.0 billion.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><span style=\"font-family: 'Century Gothic','sans-serif';\">The Group Chief<br \/>\nFinancial Officer (GCFO), Ugo Nwaghodoh expressed optimism that the Bank will<br \/>\ncontinue to record a steady and sustained increase in its profitability by<br \/>\nleveraging on low cost stable funds as well as rising opportunities in the<br \/>\nBank\u2019s target markets in Nigeria and across Africa.\u00a0\u00a0<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><span style=\"font-family: 'Century Gothic','sans-serif';\">\u201cThe performance<br \/>\nof our African business was boosted by increased cross selling of our products<br \/>\nand a number of other strategic initiatives. As we gain critical mass in the<br \/>\nAfrican market, we look forward to increased earnings in line with the<br \/>\ndiversification of our business across Africa\u201d explained Nwaghodoh.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><span style=\"font-family: 'Century Gothic','sans-serif';\">Customer deposits<br \/>\nin the Bank in the period under review remained stable at N2.17 trillion in<br \/>\n2014.\u00a0 Buoyed by this stability, UBA expanded its support for businesses<br \/>\non the continent by increasing its loan book by 14% to N1.072 trillion in 2014.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><span style=\"font-family: 'Century Gothic','sans-serif';\">\u201cWe expanded our<br \/>\nloan book without compromising our focus on asset quality. Notably, our<br \/>\nnon-performing loan ratio remains one of the best-in-class at 1.6%, as we<br \/>\nresponsibly grew risk assets in line with our defined risk appetite and target<br \/>\nmarkets\u201d said the Group Managing Director\/CEO, Mr. Phillips Oduoza.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><span style=\"font-family: 'Century Gothic','sans-serif';\">The Bank was also<br \/>\nable to grow shareholders\u2019 fund significantly by 13% to N265 billion in 2014<br \/>\nfrom N235 billion in 2013, with a capital adequacy ratio above regulatory<br \/>\nrequirement.\u00a0\u201cWe will leverage on our adequate capitalization and<br \/>\nliquidity to grow market share across target business lines\u201d said Oduoza.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><span style=\"font-family: 'Century Gothic','sans-serif';\">UBA also<br \/>\nannounced that it is paying a proposed cash dividend of N0.10 per share in a<br \/>\nmove, the Board says, is to effectively reflect the balance between giving<br \/>\nshort term return to investors and the commitment to create sustainable long<br \/>\nterm value to all shareholders. <\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><span style=\"font-family: 'Century Gothic','sans-serif';\">\u201cIn arriving at<br \/>\nthe N0.10 proposed dividend, the Board considered a number of factors including<br \/>\nshareholders dividend expectation, capital requirements for growth<br \/>\nopportunities, and increasing regulatory capital requirements under Basel II.<br \/>\nThe board decided in favor of relatively higher earnings retention to<br \/>\nstrengthen the capital base, in line with the strategic goal of increasing our<br \/>\nshare of the market across all our business segments. We remain committed to<br \/>\ncreating sustainable long term value to all shareholders,\u201d said Oduoza.<\/span><\/div>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify; text-autospace: none;\"><\/div>\n<p>&nbsp;<\/p>\n<div class=\"MsoNormal\" style=\"line-height: 150%; text-align: justify;\"><span style=\"font-family: 'Century Gothic','sans-serif';\">United Bank for Africa Plc is<br \/>\none of Africa&#8217;s leading financial institutions offering banking services to<br \/>\nmore than 8 million customers across 605 Businesses Offices in 19 African<br \/>\ncountries and three global financial centres. With presence in New York, London<br \/>\nand Paris, UBA connects people and businesses across Africa by offering<br \/>\ninnovative products across all market segments.<\/span><\/div>\n","protected":false},"excerpt":{"rendered":"<p>United Bank for Africa (UBA) Plc has released 2014 full year audited results showing that consolidation of its African operations and enhanced productivity across the group are sustaining the Bank\u2019s growth momentum. The results of the Pan-African Bank, released on Wednesday at the Nigerian Stock Exchange (NSE), show a 10% growth in gross earnings to [&hellip;]<\/p>\n","protected":false},"author":38,"featured_media":1550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[325],"class_list":["post-1107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lion-king","tag-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.6 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UBA Sustains Growth Momentum, Grosses N290 Billion Earnings in 2014. | UBA Lion King Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ubagroup.com\/57-marina\/uba-sustains-growth-momentum-grosses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UBA Sustains Growth Momentum, Grosses N290 Billion Earnings in 2014.\" \/>\n<meta property=\"og:description\" content=\"United Bank for Africa (UBA) Plc has released 2014 full year audited results showing that consolidation of its African operations and enhanced productivity across the group are sustaining the Bank\u2019s growth momentum. 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