We have right tools to achieve our goals –UBA
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.