UBA Boss, Kennedy Uzoka Expresses Joy Over Bank’s Performance

UBA Boss, Kennedy Uzoka Expresses Joy Over Bank’s Performance

United Bank of Africa (UBA) Plc. Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka has expressed delight over the bank’s performance.

He said; “This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities.”

“We saw this positively impact our business, as we continued to leverage our key strategic levers – People, Process and Technology, and our Customer 1st Philosophy, to revolutionise customer experience at UBA.”

UBA has recorded a 33.4 per cent growth in Profit Before Tax (PTA) which rose to N76.2 billion from N57.1 billion in the same period of 2020, translating to an annualised Return on Average Equity of 17.5 per cent as against 14.4 per cent a year earlier.

The results filed with the Nigerian Exchange, showed that the Group’s gross earnings grew 5.0 percent to N316 billion from N300.6 billion, while total assets rose to N8.3 trillion from N7.7 trillion.

Customer Deposits also crossed the N6 trillion mark growing by 7.4 per cent to N6.1 trillion in the period under consideration, compared to N5.7 trillion as at December 2020.

The Group’s Shareholders’ Funds remained robust at N752.5 billionn up from N724.1 billion in December 2020, reflecting its strong capacity for internal capital generation.

In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of 20 kobo per share for every ordinary share of 50 kobo each held by its shareholders.

However, UBA’s Group Chief Financial Officer, Ugo Nwaghodoh, noted that the bank’s goal is to achieve marked improvement in earnings quality whilst maintaining positive operating leverage as well as top-notch asset quality.