We have right tools to achieve our goals –UBA

Daily Trust - - NEWS -

Group Man­ag­ing Di­rec­tor and Chief Ex­ec­u­tive Of­fi­cer of United Bank for Africa (UBA) Plc, Mr. Phillips Oduoza, has said the bank has fo­cused on a num­ber of strate­gic ini­tia­tives aimed at in­creas­ing its mar­ket share in the Nige­rian and African mar­kets.

Oduoza stated this when com­ment­ing on the first quar­ter re­sult of the bank last weekend.

Ac­cord­ing to him, “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.”

The first quar­ter 2014 unau­dited re­sults re­leased at the Nige­rian Stock Ex­change (NSE) last week show that the bank grew its loan fig­ures by 16 per cent from N937.6bn as at De­cem­ber 31, 2013 to N1.067trn as at March 31, 2014.

In other de­tails, gross earn­ings rose by 8.2 per cent to N68bn in first quar­ter 2014 com­pared to N63bn in the cor­re­spond­ing pe­riod of 2013.

Sim­i­larly quar­ter-on-quar­ter profit af­ter tax recorded a sig­nif­i­cant 36.37 per cent in­crease from N9.23bn as at fourth quar­ter 2013 to N12.59bn in the first quar­ter of 2014. The first quar­ter unau­dited re­sult also show an op­er­at­ing in­come of N45.5bn in the pe­riod, a mar­ginal 2 per cent in­crease on N44.6bn in the first quar­ter of 2013.

Also in the quar­ter un­der re­view, UBA’s net in­ter­est mar­gin, which shows the qual­ity of the bank’s earn­ing on its lend­ing ac­tiv­i­ties, re­mained sta­ble at 5.9 per cent quar­ter-on-quar­ter.

Cost of funds also re­mained sta­ble at 3.6 per cent quar­ter-on­quar­ter, while re­turn on as­sets re­mained sta­ble at 1.9 per cent quar­ter-on-quar­ter, just as re­turn on eq­uity im­proved to 22.1 per cent from 21.3 per cent.

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