UBA’s gross earnings increase to N68.079bn in 1Q

United Bank for Africa (UBA) has recorded gross earnings of N68.079 billion for the first quarter financial year ended March 31, 2014.
The bank’s three months result released by the Nigerian Stock Exchange (NSE) on Friday showed that the earnings grew by N5.137 billion or 8.161 per cent compared with N62.942 billion achieved in the preceding year. The profit for the period on the other hand declined from N15.563 billion to N12.587 billion, indicating a drop of  N2.976 billion or 19.12 per cent  the Bank for has announced gross earnings of N264.7 billion for the financial year ended December 31, 2013 announced gross earnings of N264.7 billion, from N220.1 billion earned in the preceding year, representing a surge of  20.3 per cent.

The bank said the growth in earnings was largely driven by growth of 40.4 per cent in loans and advances and the 25 per cent growth in its total deposits. In the same vein, the bank’s loan-to-deposit ratio rose from 38.7 per cent to 44.3 per cent while  profit before tax advanced by 7.8 per cent to N56.1 billion from the N52 billion posted in  2012.

The bank has proposed a dividend of 50 kobo  per share to its shareholders in 2013.The bank attributed the growth to prudent cost management policies, enhanced efficiency and the impact of other productive initiatives. Commenting on the result, the group managing director of UBA, Mr Phillips Oduoza, described the gross earnings for 2013 as impressive “with positive contributions from all our businesses”.Oduoza said the bank achieved the impressive result in spite of the challenging operating environment.

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