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Nigeria : UBA assured investors to replicate last years performance in 2016 as well.

United Bank for Africa (UBA) Plc has received appreciations from its shareholders for its encouraging performance in the fiscal year 2015.

In response, the UBA management has asserted that the bank will be able to maintain its performance also in the current year even though the operating situation is very challenging nowadays.

Speaking at the banks Annual General Meeting (AGM) on Friday in Lagos, the UBA Group Managing Director & CEO Mr. Phillips Oduoza has stated that the company will create synergies throughout its operational footprint in order to increase its market share and generate new avenues for the business .

Mr. Oduoza disclosed, We duly note the challenging operating environment and intensifying competition. However, we see opportunities amid these challenges and we will leverage our unique platform in building economic moat for UBA in the African banking industry. We will further extract synergies across our operations to grow our share of existing market and create new opportunities

Oduoza has also explicated that the management has worked hard and thoroughly to detect and remove loads on the system, as well as achieve better contract negotiations, remove duplication of functions and structures and to leverage technology in its operations persistently, mainly to serve its more than 8 million customers via affordable service models, and all these factors have allowed the organization last year to deliver better performance to its shareholders.

The Chairman of the bank Tony Elumelu earlier has updated the shareholders that the lenders robust show last year signifies that the entity has built efficiency, prudency and adopted best risk management practices.

The Chairman revealed, We recorded N315 billion in gross earnings, a 10 per cent growth when compared to 2014 performance. This was achieved in spite of relatively weak liquidity in the Nigerian foreign exchange market, which reduced foreign currency related business and income lines. Our bank offset the macroeconomic challenges with improved customer service and balance sheet efficiency.

Addressing the shareholders, Elumelu has also said that the bank has managed its cost throughout the year sensibly and, thus preserving earnings to deliver a profit before tax of N69 billion, which translates to 22 per cent growth over our performance in 2014.

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Publication:Mena Report
Date:Apr 14, 2016
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