4 •
The Lion King
• January - March 2016
GMD’S MESSAGE
W
e recorded a decent 10%
year-on-year growth in gross
earnings, driven primarily by
balance sheet optimization. With our
disciplined approach to cost man-
agement, we achieved a tighter cost-
to-income ratio of 67% and preserved
earnings growth for our shareholders.
Overall, we grew profit before tax
by 22% to an historic record of N68.5
billion and closed the year with a
25% year-on-year growth in profit after
tax to N59.7 billion; impressive perfor-
mance which translates to 20% return
on average equity.
The performance of our business in
Africa (ex-Nigeria) was impressive,
as we further our synergy extraction.
Precisely, UBA Africa contributed 24%
of our Group’s profit before tax in the
2015, despite the impact of cross-
currency depreciation in some of our
markets.
FY 2015 RESULTS: SUSTAINING
THE MOMENTUM IN 2016
Our resilient business model, geo-
graphic diversification, proactive strat-
egies and strong governance created
an edge for us throughout the year.
We will continue to invest in our future
whilst managing cost tightly to gener-
ate strong returns to shareholders.
Our 2015 profit is a new record and I
am pleased that our performance is
beginning to reflect the hard work and
discipline of the Board, Management
and Staff in creating superior value for
our stakeholders.
I wish to commend all of you for this
performance. We remain committed
to our quest for industry leadership
and I urge all of us to re-double our
efforts in ensuring that we meet and
surpass our 2016 financial target.
Congratulations and well done!
Phillips Oduoza
GMD/CEO
It is noteworthy that in spite of
the challenging business envi-
ronment, we delivered a strong
and impressive financial perfor-
mance in 2015.
