United Bank for Africa (UBA) Plc’s un-audited result for the first quarter, 2014 released to the Nigerian Stock Exchange (NSE) showed that the bank’s gross earnings rose from N63 billion in 2013 to N68 billion in Q1, 2014, representing a growth of 8.2 per cent.
The bank also grew its loan figures by 16 per cent, from N937.6 billion as at December 31, 2013 to N1.067 trillion as at March 31, 2014.
Profit after tax (PAT) increased from N9.23 billion as at fourth quarter 2013 to N12.59 billion in the first quarter of 2014 while operating income increased to N45.5 billion in the period, a marginal 2 per cent, when compared to N44.6 billion posted in the first quarter of 2013.
The bank’s net interest margin which shows the quality of the bank’s earning on its lending activities, remained stable at 5.9 per cent while cost of funds also remained stable at 3.6 per cent.
In response to this positive progression, UBA’s Group Managing Director and Chief Executive Officer, Phillips Oduoza said the bank has focused on a number of strategic initiatives aimed at increasing its market share in the Nigerian and African markets. “We are optimistic that the gains of our improved electronic banking channels and financial inclusion initiatives will materialize in successive quarters during the year. We remain confident that we have the right tools to achieve our business goals for the year whilst ensuring we continue to improve our customer service delivery and further consolidate our growth momentum.” said Oduoza.
