UBA Grosses N314bn In 2015

UBA Grosses N314bn In 2015
Oladejo Amos
United Bank for Africa has declared a gross earnings of N314.8 billion for the financial year ended December 31, 2015, an increase of 9.8 per cent when compared to N286.6 billion recorded in the same period of 2014.
The bank’s profit after tax margin rose to 18.95 per cent in the review period, from 16.71 per cent recorded in the corresponding period of 2014.
According to the result presented to the Nigerian Stock Exchange, return on average equity stood at 19.95 per cent, from 19.15 per cent recorded in the same period of 2014.
Analysis of the bank’s balance sheet showed that cost to income ratio dropped to 65.04 per cent from 68.59 per cent in 2014, while laon to deposit ratio stood at 49.80 per cent, from 49.40 per cent recorded the preceding financial year.
The bank’s recorded a 25 per cent growth in its profit after tax to N60billion, translating to a 20 per cent return on average equity.
The pan-African financial services group with operations in 19 African countries also grew its operating income by 10 per cent to N205bn in December 2015, from N186bn in December 2014.
The board, according to a statement by the bank, is proposing a final dividend of 40 kobo per share. This brings to 60 kobo the total dividend for the 2015 financial year. UBA had earlier paid an interim dividend of 20 kobo per share, following the audit of its 2015 half year results.
Commenting on the result, the Group Managing Director of the bank, Mr. Phillips Oduoza, said, “Our 2015 profit is a new high, reflecting the hard work and discipline of our board, management and staff in creating value for all  stakeholders. We remain committed to growing in a responsible manner that aligns with our vision of building an enduring institution.”
He said the bank’s resilient business model, geographic diversification, proactive strategies, and strong governance created an edge for it through the year. “We will continue to invest in our future whilst managing cost tightly to generate strong returns to shareholders,” he assured.
Also speaking on the UBA’s financial performance and position, the Group Chief Finance Officer, Mr. Ugo Nwaghodoh, said, “Amidst macroeconomic volatilities, we leveraged efficiency gains in our business development and operations to grow earnings.”