UBA information annual revenue N132b

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By Collins Nweze

United Financial institution for Africa Plc (UBA) reported pre-tax revenue of 131.9 billion naira for the complete yr ended December 31, 2020. The report was launched on Monday.

The financial institution’s complete belongings additionally elevated by 37% to succeed in N7.7 trillion within the yr underneath assessment.

The 2020 audited monetary statements filed yesterday on the Nigerian Inventory Alternate (NSE) confirmed that regardless of the tough enterprise surroundings in the course of the COVID-19 pandemic and the ensuing impact on world economies, revenue earlier than tax (PBT) of the financial institution was spectacular at 131.9 billion naira. .

This determine represented an enormous enchancment over the 111.3 billion naira it posted on the finish of fiscal 2019. Equally, revenue after tax (PAT) elevated remarkably by 27 , 7 p.c to 113.8 billion naira, in comparison with 89.1 billion naira recorded on the finish of the earlier fiscal yr.

The financial institution’s gross earnings rose 10.8 p.c to N620.4 billion, from N559.8 billion recorded within the corresponding interval of 2019.

On the fee aspect, working bills elevated 10.1% to 249.8 billion naira, from 217.2 billion naira in 2019, effectively beneath the common inflation price of 13.2% for the yr, thus reflecting the profitability of the financial institution.

In its normal custom of rewarding shareholders, the Financial institution has proposed a remaining dividend of 0.35 kobo for every frequent share of fifty kobo. The ultimate dividend, which is topic to the assertion of shareholders at its annual common assembly (AGM), will deliver the entire dividend for the yr to N0.52 kobo as a result of the financial institution had paid an interim dividend of N0.17 kobo. earlier within the yr.

UBA recorded a exceptional 24% (to 2.6 trillion naira) progress in buyer loans, whereas buyer deposits elevated 48.1% to five.7 trillion naira, from 3.8 trillion Trillion Naira recorded within the corresponding interval of 2019, reflecting elevated buyer confidence, improved buyer expertise, success of the continuing enterprise transformation program and deepening of its retail banking franchise.

Commenting on the consequence, Group Managing Director / CEO Kennedy Uzoka famous that 2020 is a crucial yr for the UBA Group as it’s gaining extra market share in most of its international locations of operation.

He mentioned: “We ended a really tough yr on a reassuring word. The financial institution noticed double-digit progress in our high and backside outcomes, with gross revenue and revenue after tax growing 10.8% and 27.7% to 620.4 billion naira and 113.8 billion naira. naira respectively. Return on fairness was 17.2%, at the same time as our price / revenue ratio moderated to 61.3%.

“Our earnings per share of N3.20 is a progress of 26.8 p.c over the earlier yr as we proceed to ship most worth creation for our extremely esteemed shareholders.”

Persevering with, Uzoka mentioned, “Regardless of the tumultuous impression of the Covid-19 pandemic all over the world and in our 23 international locations of operation, we created an extra 519.0 billion loans whereas persevering with to assist our clients and their shoppers. actions.

“Buyer deposits elevated 48.1 p.c to N5.7 trillion, largely pushed by an extra 1.8 trillion in retail deposits. As a world financial institution, we stay effectively capitalized and dedicated to efficiently selling monetary inclusion on the continent by way of our modern merchandise and in depth community. Our solvency and liquidity ratios stood at 22.4% and 44.3%, effectively above the respective regulatory minimal of 15% and 30%. “

Commenting on the efficiency, Group CFO Ugo Nwaghodoh mentioned: “The persistent low rate of interest surroundings in 2020 has put important downward stress on margins.

“Nonetheless, our curiosity revenue for the yr elevated 5.7% (to 427.9 billion naira), pushed by 8.2% and seven.5% year-on-year progress in revenue from curiosity on loans and funding securities respectively.

“Our curiosity expense fell 8% (to 168.4 billion naira), largely because of a 34.2% drop in curiosity expense on buyer deposits in our Nigerian operations, decreasing the price of Group funds at 2.9%, in comparison with 4%. hundred in 2019. “

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