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BANKING & FINANCENEWSLETTER

UBA Plans To Sustain 6.3% Interest Margin

United Bank for Africa Plc, UBA, has restated its commitment to sustain net interest margin at a minimum of 6.3% in 2016.

The bank Group Managing Director designate, Kennedy Uzoka, said this during the presentation of 2016 Strategic Imperatives and Earning Guidance at the Investors and Analysts Conference held in Lagos.

The UBA Group had last week released its audited 2015 financials announcing N69 billion profit before tax; representing a 22% year-on-year growth.

“We will leverage on our balance sheet optimization initiatives, to further improve asset yields. Interestingly, our improving deposit mix and funding cost will enhance our ability to sustain our NIMs,” Uzoka said.

Uzoka noted that despite the external cost pressures, UBA Group would remain committed to its cost efficiency initiatives.

He stressed that UBA will keep its cost growth below inflation rate and further moderate the cost-to-income ratio to a level below 65%.

The incoming CEO, also used the opportunity to inform investors and analysts from Nigeria and around the world that UBA Plc will grow customer deposits book across its 19 African subsidiaries from 10% to 15%.

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BWN
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