United Bank of Africa Group
(Lagos)
16 October 2009
SPONSOR WIRE
Please click here to download a PDF version of the Fourth Quarter Results
United Bank for Africa Plc has announced a 17 percent increase in Gross Earnings for the fourth quarter ended September 30, 2009. The latest financial results from the pan-African banking group presented at the Nigerian Stock Exchange show that Gross income for the period was N198bn (2008 N169.5bn).
Other details of the results show that gross profits dropped to N36.4bn from the N56.8bn recorded during the same period last year whilst balance sheet size stood at N2.1trillion, representing a marginal decline of 6.6% from N2.2trillion.
In line with the bank's current posture with respect to risk management, aggressive internal and the additional provision following the stress test conducted by a joint team of CBN/NDIC for potential loan losses and special assets, it has made a provision of N41bn in the financials, resulting in a Loss Before Tax and exceptional items of N5bn.
Commenting on the results, UBA Group Chief Financial Officer, Mr Victor Osadolor said ìthe underlying trends in our performance remain extremely positive, with the Group recording an improvement of 16.9% in Gross Earnings, while risk ratios remain very strong and above regulatory minimum. At 16.5% our capital adequacy ratio is well above the 10% regulatory requirement for the industry while liquidity position remains extremely strong at 45.5% relative to the regulatory minimum of 25%. We will continue to pursue our strategy of disciplined growth and vigorous cost efficiencies. Our investments in risk management and financial controls have started paying off and will become evident in subsequent results.
In continuation of its expansion drive, United Bank for Africa Plc, the pan-African banking group just commenced operations in Kenya, the East African largest economy further broadening its revenue and income base.
UBA Kenya Limited brings to twelve the number of African countries where the bank has commenced full scale banking operations. These Countries include; Ghana, Uganda, Cameroon, Cote díIvoire, Liberia, Sierra Leone, Senegal, Burkina Faso, Chad and Benin.
In addition, UBA will soon commence operations in seven other countries, including; Tanzania, Zambia, Gabon, Mali, Guinea Conakry, Congo Brazzaville and Democratic Republic of Congo (DRC), bringing the total presence to 19.
United Bank for Africa Plc is one of Africa's leading financial institutions offering banking services to more than 7 million customers across 750 branches. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail and corporate banking, innovative cross border payments, trade finance and investment banking.
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