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UBA grows gross earnings to N454b in Q3

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United Bank for Africa (UBA) Plc has announced commendable performance in its unaudited 2020 Third Quarter Financial Results, with impressive growth in Gross Earnings, which rose to N454.4 billion, up from N428.7billion recorded in September 2019.


According to the report filed with the Nigerian Stock Exchange (NSE) on Friday (20 Nov. 2020), UBA reported a Profit Before Tax of N90.4 billion compared to N98.2 billion recorded at the end of the third quarter of 2019. Similarly, the Bank recorded an after-tax net profit of N77.1 billion, thus putting its annualised return on average equity at 16.4%. Operating income also improved by 10.4% year-on-year to close at N293.7 billion, up from N265.9 billion achieved in the corresponding period of 2019.


The Bank continues to maintain a very strong balance sheet, with Total Assets of N7.1 trillion, a 26% increase over the N5.6 trillion recorded at the end of December 2019. UBA benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, as Customer Deposits leaped to N5.2trillion from N3.8 trillion at the end of the last financial year. The shareholders’ funds remained very strong at N655.3 billion rising by 9.6% from N598.0 billion recorded in December 2019, thus reflecting a strong capacity for internal capital generation and growth.

Commenting on the results, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said, “In spite of the current turbulence in the operating environment, occasioned by the global pandemic, we have continued to record significant progress in our business segments. Notably, our innovative financial inclusion propositions have helped us moderate cost-of-funds to 3.2% (4.0% in FY 2019), as low-cost deposits (which accounts for 76.2% of our customer deposits) grew 40.8% by the end of the third quarter. Our Direct Sales Agents, Agency Banking Network, and Digital Banking propositions have positioned us at the forefront of financial inclusion across geographies where we operate,” Uzoka stated.

He pointed out that during the period under review, the Bank was able to provide support to customers across its footprint, assisting them to navigate the negative impact that Covid-19 pandemic has had on livelihoods, businesses and social life, adding that “since March 2020, we have provided transaction fee waivers to customers, rescheduled loans where business cashflows have been impacted, and donated generously to governments and communities to help catalyse a comprehensive pan-African response to the fight against the COVID-19 Pandemic.”

Speaking on the expectations for the rest of the year, Uzoka said, “whilst the outlook for the rest of 2020 is expected to remain challenging, our diversified model provides sufficient resilience, enabling us to continue to delight our customers with innovative banking products within our robust risk management framework.”

Also throwing more light on the Bank’s financial performance and position, the Group CFO, Ugo Nwaghodoh said: “we achieved substantial growth in the underlying business, having grown loans by 15.6% (to N2.4trillion) and deposits by 35.7% (to N5.2trillion) within the period as interest and fee income from loans settled at N172.9 billion and N8.9billion respectively. Credit impairment charges increased by N4.8billion YoY (to N11.5billion), providing adequate reserve for impaired loans, which should help moderate the need for further reserves later in the year. NPL ratio and cost-of-risk settled at 5.2% (5.3% in FY 2019) and 0.64% (0.9% in FY 2019) respectively.

“As we deploy rigorous balance sheet management strategies to protect our margins, we will sustain cost discipline to push cost-to-income ratio to our desired sub-60% target in the short-term. The Group continues to target 15% loan growth, a NIM of >6.0% and ROE of >16% for the 2020 financial year, but targets remain subject to the evolution of the COVID-19 pandemic and its implications on the operating environment”, the GCFO explained.”

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10 government officials demanding bribes from me – American Investor

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An American Businessman and Managing Director of Alafei Foods Company Limited, Claude D Convisser, has alleged that between eight to ten government officials are demanding bribes from him.


According to him, many businesses in Ghana do not survive for the long term because they spend huge sums of money to pay bribes before they get assistance to develop.

He added that the slow growth of Ghana’s economy is linked to the continuous demand of bribes by people in authority from potential investors.

“We haven’t paid bribes and I must say I’m a very stubborn investor even though you have people in government who keep asking how much is in for them.

Eight to ten officials in this administration have demanded bribes from me,” Mr Convisser said Friday on the Morning Starr.

Mr Convisser added that “the NPP parliamentary candidate of Yendi’s secretary keeps demanding bribe from me.”

The American investor who has lived in the country for the past six and half years indicated that Ghana would have been the lead business country in West Africa but for the continuous demand for bribe.

Mr Convisser applied to set up a soy and vegetable factory in Zugu, a community in the Yendi Municipality of Ghana under the 1D1F to meet the protein and vitamin needs of the Ghana School Feeding Program in the Northern region.

The company, if set up would have employed over 30,000 farmers and supply to the GSFP at a lower cost but authorities have frustrated him and are unwilling to grant him a letter of intent to enable him to secure funds from his sponsors.

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Lady caught on camera stealing bone straight hair worth 200k in Lagos

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A woman has been caught on CCTV camera stealing a bone straight hair worth N200,000 at a shop in Lagos.


Lady caught stealing bone straight hair


The video which was shared by a Twitter user, shows the woman hurriedly taking a hair from where it was sampled and putting inside her bag.

She then tells the sales rep to take a photo of a hair for her, which she did while the woman continued checking out other hairs.

The shop owner while watching the footage, can be heard scolding the sales rep for not being smart enough to detect what the woman was doing.

Watch the video below…

Previous articleMan allegedly stabs lover to death for refusing to register her new car in his name in Lagos

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MEET The Prominent Nollywood Actress Who Spent Most Of Her Life In Canada

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Nollywood actress, Linda Osifo needs no introduction when it comes to acting.

The beautiful lady can be described as one of the most talented young actresses in Nigeria as we speak.


Although she was born in Edo State, Nigeria, she left Nigeria for Canada at the age of 16 and it was in Canada she had her education.


She is the first daughter and middle child of her family and she holds a Bachelors of Arts degree in Psychology from York University in Toronto, Canada.

She had her debut acting role in 2012 when she starred in Family Secrets, in New Jersey, USA directed by Ikechukwu Onyeka.

She returned to Nigeria in 2013 and she starred in her first Nollywood film, ‘King Akubueze’ which was directed by Nonso Emekewe.

She also featured in the popular Nigerian soap opera Tinsel as ‘Nina Fire’ and in 2017, Linda played the role of Adesuwa Dakolo in EbonyLife’s spin-off drama series, ‘Fifty’[8] and Africa Magic’s television series ‘Jemeji’, playing the role of Noweyhon.

See her photos below;

Source: www.ghgossip.com

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