UBA declares N56.1 billion pretax profit

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United-Bank-for-Africa-UBAUnited Bank for Africa (UBA) said in a filing on the Nigeria Stock Exchange (NSE), on Friday, that its 2013 pretax profit rose to N56.1 billion ($340.2 million), up 7.8 percent from N52 billion a year earlier.

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Gross earnings at UBA grew to N264.7 billion for the twelve months to December 2013, as against N220.1 billion a year ago, the bank said.

The earnings showed a 20.3 per cent growth over the N220.1 billion recorded in 2012. 

The bank said the growth in earnings was largely driven by growth of 40.4 per cent in loans and advances and the 25 per cent growth in its total deposits.

In the same vein, the bank’s loan-to-deposit ratio rose from 38.7 per cent to 44.3 per cent.

The bank’s profit before tax also rose by 7.8 per cent to N56.1 billion from the N52 billion posted in  2012.

UBA declared a dividend of 0.50 naira per share, which it will pay on April 28.

The bank attributed the growth to prudent cost management policies, enhanced efficiency and the impact of other productive initiatives.

Commenting on the result, Mr Phillips Oduoza, the bank’s Group Managing Director, described the gross earnings for 2013 as impressive “with positive contributions from all our businesses”.

Oduoza said the bank achieved the impressive result in spite of the challenging operating environment.

He said the result demonstrated “the strength and resilience of its people and dedication to implementing our growth plans in 2013.”

UBA is a pan-African Bank with operations in 19 African countries and in New York, London and Paris.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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