United Bank for Africa Plc - Financial Results for the 15 month period ended 31st December 2009.

DELIVERING ROBUST GROWTH IN CHALLENGING TIMES

United Bank for Africa Plc (UBA) experienced strong growth in 2009 despite the economic challenges arising from the global financial crisis and capital market downturn.

Highlights of the group’s results are:​

◦ Gross Earnings up 46% to N246.725bn

◦ Net Interest Income up 57% to N118.189bn

◦ Fees and Commissions up 18% to N50.075bn

◦ Operating Income up 46% to N187.066bn

◦ Profit Before Tax and After Exceptional Items of N13.66bn

◦ Profit After Tax  of N2.38bn  

 • Capital Adequacy ratio of 16.3%




Exceptional Items include net charge of N38bn for diminution in assets value following stress tests by the Central Bank of Nigeria.

The Directors have recommended a dividend of 10 kobo per share and a bonus share issue of 1 new share for every 5 held.

Group CEO, Tony Elumelu stated that the results reflect the bank’s solid foundations, strong capital base (risk weighted capital adequacy ratio of 16.3%) and focus on risk management and corporate governance.  

 The Group’s AFRICAN  expansion play continues to be a significant differentiator  and source of future growth. UBA commenced operations in  A FURTHER 8 African countries during the year, BRINGING TOTAL AFRICAN PRESENCE TO 16,  as it seeks to diversify its earnings stream and open  up considerable prospects for the distribution of its product suite. Revenues from African operations (ex-Nigeria) grew by 330% during the period and now represent 7.2 % of the group’s gross earnings. The Group expects EVEN stronger growth and more material contribution from its ex-Nigeria operations in 2010