{"id":30728,"date":"2019-03-24T14:53:28","date_gmt":"2019-03-24T13:53:28","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=30728"},"modified":"2019-03-24T14:53:28","modified_gmt":"2019-03-24T13:53:28","slug":"uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/","title":{"rendered":"UBA Hinges Future Performance On Cost Efficiency, Improved Asset Quality"},"content":{"rendered":"

Pan African financial institution, United Bank for Africa (UBA) Plc has assured its local and international investors that it\u2019s prudent focus on improved asset quality as well as the continuous adoption of strict cost efficient measures will help the bank achieve its objectives and priorities for the 2019 financial year and beyond.<\/p>\n

This the bank has said will culminate into an institution with even stronger indices laced\u00a0 with the capacity to churn out strong double-digit growth in annuity-based trade services, enhanced offerings and improved customer service.<\/p>\n

Already, the bank has instituted a number of enhanced risk management and control framework which have in no small measure contributed to its financial performances and overall balance sheet growth over the years.<\/p>\n

The Group Managing Director\/Chief Executive Officer, Mr. Kennedy Uzoka, who noted this in a submission while presenting the bank\u2019s 2018 full year results during an international investor\/ analysts conference call on Thursday, explained that UBA\u2019s well diversified asset book supported by stable funding structure, placed it in a premium position to perform remarkably despite the falling economic indices in its operating environment.<\/p>\n

He said, \u201cIn spite of slow recovery in economic activities in Nigeria (our single largest market), the Group\u2019s total assets has grown by 19.7%, driven largely by a strong deposit growth of 23%, as the drive for retail deposits continue to yield desired results. Leveraging on enhanced customer service, the Group grew retail deposits by 48%, thus strengthening the funding base and providing the foundation for lower cost of funds in 2019.<\/p>\n

\u201cNotably, the growth in balance sheet also partly reflects the impact of exchange rate difference between the reporting dates (2017: N331\/USD vs. 2018: N359\/USD), as 37% of loans and 27% of overall balance sheet is FCY-denominated. The Group maintained its appetite for a well-diversified balance sheet, with over 60% in liquid, low risk instruments.\u201d<\/p>\n

Uzoka explained to the investors that the bank recorded impressive growths achieved across major financial lines, recording a 48 percent year-on-year growth in retail deposits and improved CASA ratio to 77 percent.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

In its results for the year end December 2018, UBA gross earnings grew by 7.0 percent to N494.0 billion, compared to N461.6 billion recorded in the corresponding period of 2017. The Bank\u2019s total assets also grew significantly by 19.7 percent to an unprecedented N4.9 trillion for the year under review<\/p>\n

Throwing more light on the financials, he stated that gross earnings grew by 7% year-on-year, despite regulation and market conditions undermined the non-interest income line. Interest income, which contributed 73% of gross earnings, grew by 11%, driven by strong interest income on treasuries, reflecting the low-risk appetite and treasury-led strategy adopted during the year. He noted that the lower non-interest income was occasioned by market condition and regulatory impact on FX trading income, adding that growing volume on FX trading is compensating for lower margin on this business, thus reinforcing our positive growth expectation on this income line in 2019.<\/p>\n

While speaking on the strength of the financial institution in the coming years, especially on the back of it\u2019s African and non-African subsidiaries, Uzoka said the bank\u2019s recent foray into key markets and economies remain a milestone that will catapult the institution in the coming years.<\/p>\n

He said, \u201cUBA is a unique pan-African franchise with diversified risk and earnings across fast growing African economies with sound governance, risk management and compliance culture which can be seen from our adherence to international best practice. Our robust digital banking platform through which we are leveraging technology to serve over 15 million customers in a cost efficient approach that has helped to deepen African banking penetration.<\/p>\n

\u201cWe have the strong financial capacity backed by high capitalization (BASEL II capital ratio well above requirement) and strong liquidity, and we have worked hard towards connecting Africa and the world through our presence in key African markets and major global financial centres such as New York, London and Paris.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Pan African financial institution, United Bank for Africa (UBA) Plc has assured its local and international investors that it\u2019s prudent focus on improved asset quality as well as the continuous adoption of strict cost efficient measures will help the bank achieve its objectives and priorities for the 2019 financial year and beyond.<\/p>\n","protected":false},"author":6,"featured_media":19585,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[727],"coauthors":[2391],"class_list":["post-30728","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-uba"],"yoast_head":"\nUBA Hinges Future Performance On Cost Efficiency, Improved Asset Quality - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UBA Hinges Future Performance On Cost Efficiency, Improved Asset Quality - National Wire\" \/>\n<meta property=\"og:description\" content=\"Pan African financial institution, United Bank for Africa (UBA) Plc has assured its local and international investors that it\u2019s prudent focus on improved asset quality as well as the continuous adoption of strict cost efficient measures will help the bank achieve its objectives and priorities for the 2019 financial year and beyond.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-24T13:53:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/11\/UBA-House-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"529\" \/>\n\t<meta property=\"og:image:height\" content=\"699\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/11\/UBA-House-1.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/11\/UBA-House-1.jpg\",\"width\":529,\"height\":699,\"caption\":\"UBA House (1)\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/\",\"name\":\"UBA Hinges Future Performance On Cost Efficiency, Improved Asset Quality - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#primaryimage\"},\"datePublished\":\"2019-03-24T13:53:28+00:00\",\"dateModified\":\"2019-03-24T13:53:28+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"UBA Hinges Future Performance On Cost Efficiency, Improved Asset Quality\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UBA Hinges Future Performance On Cost Efficiency, Improved Asset Quality - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/","og_locale":"en_US","og_type":"article","og_title":"UBA Hinges Future Performance On Cost Efficiency, Improved Asset Quality - National Wire","og_description":"Pan African financial institution, United Bank for Africa (UBA) Plc has assured its local and international investors that it\u2019s prudent focus on improved asset quality as well as the continuous adoption of strict cost efficient measures will help the bank achieve its objectives and priorities for the 2019 financial year and beyond.","og_url":"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/","og_site_name":"National Wire","article_published_time":"2019-03-24T13:53:28+00:00","og_image":[{"width":529,"height":699,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/11\/UBA-House-1.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/11\/UBA-House-1.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/11\/UBA-House-1.jpg","width":529,"height":699,"caption":"UBA House (1)"},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/","name":"UBA Hinges Future Performance On Cost Efficiency, Improved Asset Quality - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#primaryimage"},"datePublished":"2019-03-24T13:53:28+00:00","dateModified":"2019-03-24T13:53:28+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/uba-hinges-future-performance-on-cost-efficiency-improved-asset-quality\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"UBA Hinges Future Performance On Cost Efficiency, Improved Asset Quality"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/30728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=30728"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/30728\/revisions"}],"predecessor-version":[{"id":30729,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/30728\/revisions\/30729"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/19585"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=30728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=30728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=30728"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=30728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}