UBA Boss Traces Performance To Meeting Customers’ Demand.
The Group Managing Director, United Bank for Africa (UBA) Plc, Kennedy Uzoka, has attributed the Bank’s significant performance to its unending commitment to delivering products and services that meet the customers’ demands.
UBA’s Half-year financial accounts show a 33.4 per cent profit before tax growth, rising to N76.2bn as of June 2021, up from N57.1bn recorded 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.
Profit after tax grew to N60.6bn representing a significant rise by 36.3 per cent compared to N44.4bn recorded in 2020, while gross earnings grew to N316bn from N300.6bn as at June 2020; a 5.1 per cent growth
Uzoka, speaking at the bank’s Investors/Analysts Conference Call last Thursday on the heel of Half year results, explained the feat was recorded despite the challenging business and economic environment that emerged from the slow pace of activities following the global lockdown occasioned by the Covid-19 pandemic.
He expressed optimism that the bank is on the trajectory of achieving and even surpassing its targets for the financial year, adding that its focus on delighting its customers remains at the forefront of all its activities.
“We are very committed to the prudent and responsible growth of our risk assets, quality of our balance sheet and the overall health of the bank. We will continue to balance our growth appetite with the need to maintain a very good healthy portfolio of our assets.
“Our customer-first philosophy remains our guiding strategy. We want to assure you of a positive customer experience for all our customers. In addition, we would like to deliver our banking services only from the standpoint of our customers. And indeed, as we say at UBA, our customers are our ultimate employers,” Uzoka explained.
Whilst expressing optimism that the Nigerian economy and the broader economy will continue to recover and rebound from the negative impact of the Covid-19 pandemic in the remaining quarter of 2021 and all the way into 2022, the GMD assured the investors and participants of the bank’s commitment to maintain professionalism and continue to ensure strict compliance with the rules and regulations guiding our operations in all our presence countries.
“With the trusted commitment of all our great and wonderful employees, board and management, we will continue to match towards actualising our enterprise goals,” he noted.
UBA’s Chief Financial Officer, Ugo Nwaghodoh, who spoke on the bank’s significant geographical diversification across key economies in Africa and beyond, noted that UBA recorded impressive growth in interest incomes and net incomes, with steady growth in funding and deposits from customers.
He pointed out that even as the operating environment remains largely uncertain and volatile, despite marked improvement from Covid-19 induced macroeconomic stress, UBA will continue to build resilience through its geographically diversified business model to support headline earnings growth for the Group.
“We remain committed to our 18 per cent and 15 per cent respective RoAE and deposit growth guidance for FY 2021, as we continue to invest in growth opportunities across our geographies of operation, whilst managing capital and balance sheet prudently,” Nwaghodoh said.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five million customers, across over 1,000 business offices and customer touchpoints, in 20 African countries.
With a presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services.
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