UBA recorded N60bn Profit in 2015

United Bank for Africa Plc, in its audited full year results for the year ended December 31, 2015, released to the Nigerian Stock Exchange on Monday, recorded a 25 per cent growth in its profit after tax to N60bn; translating to a 20 per cent return on average equity.

The bank recorded a 10 per cent growth in gross earnings, closing at N315bn.

 The pan-African financial services group with operations in 19 African countries also grew its operating income by 10 per cent to N205bn in December 2015; from N186bn in December 2014.

The board, according to a statement by the bank, is proposing a final dividend of 40 kobo per share. This brings to 60 kobo the total dividend for the 2015 financial year. UBA had earlier paid an interim dividend of 20 kobo per share, following the audit of its 2015 half year results.

Commenting on the result, the Group Managing Director, UBA Plc, Mr. Phillips Oduoza, said, “Our 2015 profit is a new high, reflecting the hard work and discipline of our board, management and staff in creating value for all  stakeholders. We remain committed to growing in a responsible manner that aligns with our vision of building an enduring institution.”

He said the bank’s resilient business model, geographic diversification, proactive strategies, and strong governance created an edge for it through the year. “We will continue to invest in our future whilst managing cost tightly to generate strong returns to shareholders,” he assured.

Also speaking on the UBA’s financial performance and position, the Group Chief Finance Officer, Mr. Ugo Nwaghodoh, said, “Amidst macroeconomic volatilities, we leveraged efficiency gains in our business development and operations to grow earnings.”