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Nigeria: UBA posts healthy performance in 2013

One of Nigeria’s leading financial institutions, United Bank for Africa (UBA), posted a healthy performance in 2013, with profit rising by 7.8% to 56.06 billion naira from 52.01 billion naira recorded in the previous year.

Gross earnings also rose to 264 billion naira in 2013, up 20.24% from 220 billion naira in 2012, according to the 2013 full year financial report released to the Nigerian Stock Exchange (NSE) on Friday. (US$1=155.74 Naira)

UBA has business operations in 18 African countries outside Nigeria.

It said its loan disbursement surged by 42 per cent to 937 billion naira during the period.  

“The significant increase in lending had a positive impact on the bank’s released financials with interest rising significantly by 23.8% to N186 billion while fee and commission-based income rose by 5.1% to N50.01 billion,” the report said.

The report noted that despite a significant increase in its lending portfolio, the bank reduced the incidence of non-performing loans, which averaged 1.19%, making it one of the lowest in Nigeria. This was well below the regulatory threshold of 5%.

Loan to deposit ratio at 44.3% also represented a record in the banking industry, giving it strong headroom to keep expanding its lending portfolio.

There was a healthy liquidity position with a liquidity ratio of 55% as at full year 2013, well above the regulatory minimum of 25%.

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