Impressive 2007 Results for United Bank for Africa (UBA), a leading Nigerian Bank
Acceler8now.com, November 29, 2007
As the battle for supremacy in the Nigerian banking sector rages, United Bank for Africa plc has come out with a pace-setting full-year result for its just-ended financial year. It grew profit-before-tax by 115% for it's financial year to September 30, 2007, from N12.9Billion to N29.5 billion. That growth was, however, largely cost efficiency-driven, as turnover growth trailed at 21.06% to close at N109.51 billion. All said, the bank grew significantly in most key performance parameters, from the preceding financial year:
- Balance sheet size grew 43% from
N1.15 trillion to N1.64 trillion
- Total deposits grew 16.62% from
N776 billion to N905 billion
- Profit after tax grew 86% to
N21 billion from N11.56 billion
- Aggregate credit to the domestic economy was up 192% from
N109.8 billion to N320.4 billion
The bank is proposing the sum of N13.79 billion as dividend to shareholders at a dividend rate of N1.20 per share, up 20% from Ni.00 paid for the preceding financial year. That, it's important to note, surpasses the N1.00 projection made in the prospectus for the bank's last share offer.
UBA has clearly become one of the leading banks in the economy. With its absorption of the private sector accounts of Trade Bank, City Express Bank, Metropolitan Bank and, more recently Afex Bank, its has truly become a huge institution, though still showing a lot of fleetness. It's current results have indeed benefited significantly from an improved cost to income ration, a measure of operational effeciency. It boasts of over 6 million active customers served through its over 600 business offices and 900 ATM points nationwide. With outposts in London and New York through its UBA Capital, the bank is positioning for long term sustained growth and healthy performance.
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