United Bank for Africa Plc in its full year results for the year ended December 31, 2015, released to the Nigerian Stock Exchange (NSE) has recorded a 10 per cent growth in gross earnings, closing at N315 billion and a 25 per cent growth in profit-after-tax to N60 billion; translating to a 20 per cent return on average equity. Similarly, UBA grew operating income by 10 per cent to a record N205 billion in December 2015; from N186 billion in December 2014.
Following the performance, the board 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.
The group managing director/chief executive officer, Mr Phillips Oduoza, commented: “our 2015 profit is a new high, reflecting the hardwork 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.
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. We improved on our balance sheet management and pricing, thus ensuring a strong 19 per cent growth in interest income as well as an enhanced net interest margin of 6.3 per cent. Our improved service delivery and customised offerings helped in growing transaction banking volume, with attendant fee income. Whilst we were exposed to some external cost pressure, we managed to keep our cost growth at 5 per cent (below the average inflation rate of 9 per cent in Nigeria; our core market which represents three-quarter of our operations)”.
