United Bank for Africa (UBA) Plc, has released its nine-month financial statement, which showed that the bank recorded a 26.7 per cent growth in its loan portfolio.
The bank, in a statement made available to LEADERSHIP Weekend, promised to take advantage of emerging opportunities in Nigeria's fast-growing economy. The results put the bank's new loan portfolio position at N870.4 billion as at September 2013, representing a 26.7 per cent increase on N687.4 billion on the bank's loan portfolio for 2012.
Explaining the significant growth in UBA's loan portfolio, Group Managing Director of UBA, Phillips Oduoza, said the growth was "In line with our guidance for loan growth. We increased our exposure to the power, upstream oil and gas and telecoms sectors of the economy."
He said the bank was active in big financial deals in Nigeria, especially in the power sector recently, with potential long term impact on the bank's future profitability. Adding that some of the major deals UBA actively participated in recent time include taking up $120m (N19.44bn) of the financing in respect of Transcorp Ughelli Power Plant.