United Bank for Africa Plc (UBA) has announced N23.74 billion in unaudited first quarter result and accounts for period ended March 30, 2018.
The Pan-African Bank profit grew by 6.20per cent from N22.35 billion reported in Q1 2017.
UBA in its results to the Nigerian Stock Exchange (NSE) on Monday showed profit before tax gaining 4.26 per cent to N25.56 billion in Q1 2018 from N25.47 billion reported in Q1 2017.
Gross earnings recorded a double-digit growth of about 18 per cent to N119.37 billion from N101.25 billion reported in Q1 2017.
Highlights from Statement of Financial Position showed total assets gaining 17.51 per cent to N4.29 trillion as at March 30, 2018 from N3.66 trillion reported in full year of 2017.
The financial institution on Monday had its Annual General Meeting (AGM) in Lagos and shareholders approved a total dividend of 65 kobo for 2017 financial year.
The GMD/CEO, Kennedy Uzoka, said, “Our flagship subsidiaries are increasingly becoming systemically important in their respective markets, and we are leveraging customer-centric strategies, speed to market, innovation and an exceptional culture of enterprise to consolidate our market share.
We are emerging as a clear leader in digital banking offerings, as we leverage new technologies and strategic alliances, to provide products and services that provide convenience and empowerment to our customers.”
UBA’s financial performance and position, the Group CFO, Ugo Nwaghodoh, said, We remain committed to our responsible approach to balance sheet management, with focus on growing risk asset and broader balance sheet in a profitable and prudent manner.
“Amidst a subdued Nigerian credit market, we grew our loan portfolio by 10%, leveraging our robust liquidity and capitalization to support good businesses through this challenging economic cycle. We closed the year with a Basel II capital adequacy ratio of 19per cent and a liquidity ratio of 50per cent, well ahead of 15 per cent and 30per cent regulatory requirement respectively. Our disciplined approach to lending and broader risk management continues to uphold our asset quality.”
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