UBA declares gross earnings of N264.7 billion

The United Bank for Africa (UBA) grew its gross earnings by 20.3 per cent to  N264.7 billion for the financial year ended December 31, 2013, according to the result announced by the bank on Thursday.

In 2012, the figure stood at N220.1 billion.

According to the bank, 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.

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.

The bank also proposed a dividend of 50k to shareholders in 2013.

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.

The United Bank for Africa (UBA) grew its gross earnings by 20.3 per cent to  N264.7 billion for the financial year ended December 31, 2013, according to the result announced by the bank on Thursday.

In 2012, the figure stood at N220.1 billion.

According to the bank, 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.

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.

The bank also proposed a dividend of 50k to shareholders in 2013.

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.

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