African subsidiaries boost UBA’s 2014 performance | Independent Newspapers Limited
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African subsidiaries boost UBA’s 2014 performance

Posted: Apr 1, 2015 at 2:40 am   /   by   /   comments (0)


By Bamidele Ogunwusi

Correspondent, Lagos


The consolidation of United Bank for Africa’s (UBA) Plc operations across Africa has had a positive impact on the group’s financial performance as seen in its recently released audited 2014 full year results. UBA, which recently restructured its operations, carving out UBA Africa as a separate business division headed by a CEO, is seeing significant improvement in the financial contribution of its African subsidiaries to the Group’s balance sheet.

UBA Africa, comprising the bank’s operations in 18 African countries outside Nigeria, has continued to increase its contribution to the group, recording a higher contribution in the group’s N290 billion earnings in 2014 compared to the previous years, reflecting the increasing penetration of the UBA brand across African markets.

The 2014 full year results of the UBA Group showed that UBA Africa grew its profit by 34 percent in the year, a remarkable achievement despite challenging macroeconomic environment in most of the Sub-Saharan African markets.

In the full year results released by UBA, the bank recorded a profit before tax of N56.2 billion and a profit after tax of N48 billion. Earnings received a boost from both Interest and Non-Interest Income showing the Bank’s diversified and stable income base.