UBA Records Increase in Gross Earnings

United Bank for Africa Plc has recorded a 17 percent increase in Gross Earnings for the fourth quarter ended September 30, 2009.
The latest financial results from the bank presented at the Nigerian Stock Exchange show that Gross income for the period was N198bn as against N169.5bn in 2008.
The bank made a Gross Profit of N36.4bn on the back of robust Deposit Base and Balance Sheet size of N1.26 trillion and N2.1 trillion respectively.
The result also showed that the bank posted a marginal loss of N5bn arising from an exceptional charge of N41bn largely attributable to full provisioning for risk assets, following the outcome of the recent joint CBN/NDIC special examination.
Victor Osadolor, group chief financial officer said “the underlying trends in our performance remain extremely positive, with the Group recording an improvement of 16.9% in Gross Earnings, while risk ratios remain very strong and above regulatory minimum”.
We will continue to pursue our strategy of disciplined growth and rigorous cost efficiencies. Our investments in Risk Management and Controls have started paying off and will become evident in subsequent results”.
In continuation of its expansion drive, United Bank for Africa Plc has just commenced operations in Kenya; East Africa's largest economy. Strong growth in the performance of the Bank's international operations demonstrated the growing success of UBA's Pan African strategy with Gross Earnings from international operations increasing from 3.4% to 10% while deposit base rose from 9% to 16% during the period.
UBA Kenya Limited brings to twelve the number of African countries where the bank has commenced full scale banking operations. These Countries include; Ghana, Uganda, Cameroon, Cote d'Ivoire, Liberia, Sierra Leone, Senegal, Burkina Faso, Chad and Benin.
In addition, UBA will soon commence operations in seven other countries, including; Tanzania, Zambia, Gabon, Mali, Guinea Conakry, Congo Brazzaville and Democratic Republic of Congo (DRC), bringing the total presence to 19.