The United Bank for Africa Plc has announced its unaudited results for the first quarter of 2016, showing gross earnings of N74bn and profit before tax of N18bn.
The UBA Group said it sustained its strong profitability, recording an annualised 20 per cent return on average equity.
The Group Managing Director, UBA, Mr. Phillips Oduoza, was quoted as saying in a statement on Tuesday, “I am pleased to report yet another impressive performance for the period. In addition to achieving better pricing on our assets and liabilities, we leveraged enhanced service channels in growing transaction banking volumes and fee income.”
He explained that the bank recorded 12 per cent year-on-year growth in net interest income and sustained net operating income at N50bn for the first three months of the year.
“I am particularly pleased with the increased contribution of the African subsidiaries, which represented 28 per cent of our group’s top and bottom lines in the first quarter of the year,” Oduoza added.
He admitted that the first quarter was challenging, with a host of macroeconomic pressures ranging from inflationary threats to fuel shortages, all of which impacted the business environment.
However, the GMD said UBA remained committed to creating value for its esteemed customers, a strategy that he noted would sustain its strong profitability through the year.
The group remained focused on sustaining the quality of the bank’s balance sheet, Oduoza added.