Business News of 2014-04-08

Gross earnings of UBA rises by 20 per cent

United Bank for Africa Plc (UBA) has announced a 20.2 per cent rise in its gross earnings to US$1.6 billion, as of December 2013.

The increment was largely driven by a 40.4 per cent growth in loans and advances as well as a 25 per cent growth in the bank’s total deposits.

Data released by UBA to the Nigerian Stock Exchange showed that the bank’s loan-to-deposit ratio improved from 38.7 per cent to 44.3 per cent.

The data showed that the UBA’s cost-to-income ratio improved by four per cent from 64.8 per cent last year to 60.9 per cent as of December, last year.

Its profit before tax grew by 7.8 per cent to US$338 million, representing a return on equity of 21.8 per cent.

The bank ended the year with a total balance sheet size of US$15.9 billion and a total deposit base of US$13.4 billion.

The Group Managing Director of UBA, Mr Phillips Oduoza, said the bank’s earnings for the year was as a result of positive contributions from all segments of the business.

He said the results were in spite of the challenging operating environment in the financial sector, thus demonstrating the strength and resilience of the bank and its dedication to implementing its growth plans for the year.

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

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