UBA Subsidiaries Account for 25% Profit

African subsidiaries of the United Bank for Africa, UBA, now account for over a quarter of its overall total deposit base, which is largely made up of low-cost savings and current account deposits.
The Group Managing Director/ CEO of pan African group, Mr. Kennedy Uzoka made this disclosure during an investor conference call held on Wednesday , 31 August, 2016 on the bank’s 2016 half year results.

He said:“I am particularly impressed by the performance of our business in Congo Brazzaville, where we doubled bottom-line, largely through transaction-based offerings. Mr. Uzoka noted that, overall, the African business (excluding Nigeria) contributed a quarter of profit in the period, with a stronger outlook.”

Uzoka said: “We will continue to consolidate our position across chosen markets, as we penetrate the market through innovative, simple and convenient offerings. We will maintain our diligent focus on profitable quality asset creation, as we situate our growth appetite within our prudent risk management culture.”

He Further explained that the banks strategy is hinged on a One-Point Agenda; tagged “Customer1st, which means that as banking increasingly gets commoditised, the Customer will be the sole determinant of banks’ growth and profitability.