Group Managing Director and Chief Executive Officer of the bank, Mr. Phillips Oduoza
The United Bank for Africa (UBA) Plc has made an impressive start in the current financial year, with its unaudited 2015 first quarter (Q1) ending March 2015 results showing that the bank’s profit after tax increased by 35 per cent to N17 billion, from N12.6 billion recorded in the corresponding period of 2014.
The results also showed that the bank witnessed 22 per cent growth in gross earnings to N83.1 billion as at March 2015, from a comparative figure of N68.1 billion made in the first three months of the 2014 financial year.
The bank also posted a 36 per cent growth in profit before tax to N18.4 billion as at the period under review, compared to the N13.5 billion it realised as at March 2014.
The Group Managing Director and Chief Executive Officer of the bank, Mr. Phillips Oduoza, described the performance as satisfactory especially against the background of uncertainties that characterised the Nigerian economy during the period.
“We witnessed what can best be described as a quantum leap in our profit and balance sheet drivers. Besides the significant growth in profits, I am also impressed by the six per cent quarter-to-date growth in deposits and the low 1.6 per cent non-performing loans (NPL) ratio, which reflects our prudence. It shows our focus on both profit drivers and risks within our operating
environment” Oduoza said.
Speaking on the operations of its African businesses, Oduoza said they contributed over one-fifth of the group’s earnings in the first quarter. He expressed optimism of a more positive outlook as the bank’s Pan-African operations increasingly gain critical mass across the African markets.
“We remain focused on cross selling initiatives and niche market play, as we remain committed to building a leading Pan-African financial services franchise and delivering superior value to our shareholders.” Oduoza explained.
The significant growth in profit after tax meant that the bank’s earnings per share at the end of the 2015 financial year is forecast to rise by 35 per cent to N2.06, from N1.53, if the first quarter growth rate is sustained, while return on equity (ROE) is expected to rise to 24.8 per cent from 22.1 per cent within the same period.
