The Lion King | 9
Milestone
UBA Records Impressive
Growth, Posts a 20.2%
Increase in Gross Earnings
U
BA has announced
impressive growth across
key financial parameters,
due to improved growth drive,
sustained operational efficiency
and enhanced productivity.
In the financial results for the 12
months ended December 31,
2013 submitted to the Nigerian
Stock Exchange, UBA recorded a
20.2% increase in Gross Earnings
to N264.7bn. This was largely
driven by a growth of 40.4% in
loans and advances as well
as a 25% growth in the Bank’s
total deposits. Consequently,
the Bank’s loan-to-deposit ratio
improved from 38.7% to 44.3%.
The remarkable growth in loans
and advances, especially in the
last quarter of the year, puts the
Bank in a vantage position for
continued revenue growth in the
coming years.
In addition to achieving this
growth, UBA also enhanced
its operational efficiency and
productivity with the Cost-
to-Income ratio improving by
4% from 64.8% to 60.9%. This
improvement was largely through
prudent cost management
policies, enhanced efficiency
of the Bank’s network and the
impact of other productivity
initiatives.
The Bank’s Profit Before Tax grew
by 7.8% to N56.06bn, representing
a Return on Equity of 21.8%. The
Bank ended the year with a
total balance sheet size of N2.64
trillion and a total deposit base of
N2.22 trillion.
Commenting on the results,
GMD/CEO, Mr. Phillips Oduoza
said, “UBA’s Gross Earnings for
the year is quite impressive,
with positive contributions
from all our businesses. Our
Bank achieved a good result
despite a challenging operating
environment, demonstrating the
strength and resilience of our
people and their dedication to
implementing our growth plans
in 2013”.
