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countries, facilitating intra-Africa an international trade flows, lowering remittance cost for Africans in diaspora, bridging the infrastructural deficits, empowering businesses and helping households to fulfill their financial dreams, amongst others.
With barely N250 billion balance sheet size in 2005, UBA had geometrically grown total assets to N4.87 trillion by
the end of 2018, translating to 28% compounded annual growth rate
over the past fourteen years. Buoyed
by seasoned equity capital raising
and strong profitability, the Group has grown equity capital by twenty-six
times, from N19.4 billion in 2005 to a whooping N502.6 billion in 2018 financial year. The strong accretion to equity reflects the prudent dividend policy, which balances annual payment of dividends to shareholders with the need to retain earnings for business growth. More importantly, UBA has delivered impressive performance post the 2005 merger, with profit before tax rising to N108 billion in Full Year 2018, from barely N6.5 billion in 2005. The profitability of UBA Group is partly attributable to its geographical expansion, which provides earnings diversification and stability,
as epitomized in the 40% earnings contribution from these subsidiaries.
UBA is positioned to replicate, if not surpass, this historical growth feat over the medium term, as it increasingly leverages technology, investment
in human capital and process re- engineering to deepen financial inclusion in Africa. Interestingly, banking penetration remains relatively low on the
continent and UBA’s adoption of state- of-the-art technology, including Fintechs and social media platforms, will help to accelerate its market share gain and broader growth. More so, the subsidiary operations are gaining momentum, as it consolidates on the strong franchise built over the past decade in the different market, where it operates. Expectedly, UBA should become systemically important in all its chosen markets over the next three years, as it diligently executes on its strategies of becoming
a top-tier player in all its countries of operation.
“
From one country operation, UBA’s brand has become systemically important in 20 African countries,
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