UBA promises shareholders adequate rewards.

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UBA

From Benjamin A Ameh, Lagos

The bank is targeting on delivering full year results which will adequately rewards shareholders.

The United Bank for Africa (UBA) Plc, Group Managing Director, Mr. Phillips Oduoza, has assured shareholders while commenting on the bank’s results for the nine months ended September 30, 2013.
Assurance came when UBA posted a profit after tax of N43 billion and loan portfolio growth to N870 billion from N687 billion in 2012 which accounts for an increase of about 27 per cent.
The growth in the group’s loan portfolio, was saying to be “in line with our guidance for loan growth” while “We increased our exposure to the power, upstream oil and gas and telecoms sectors of the economy.”

“Our bank remains resilient and focuses on delivering a set of full year results that will be able to adequately reward our shareholders. We are already reaping the benefits of operating an African strategy that is anchored on in-depth knowledge of every market we operate in,” Oduoza stated.

It was further revealed that UBA always play actively in the financing of big ticket deals, especially in the power sector reform recently, with potential long-term impact on the bank’s future profitability. Some of the major deals actively participated in include N19.44billion [$120 million] of the financing involving Transcorp Ughelli Power Plant.

The bank equally acted as mandated lead arranger, underwriting the entire facility of $122 million for Kann Utilities’ acquisition of the Abuja Electricity Distribution Company, financing the payment of 75 per cent acquisition of 60 per cent equity stake in Ikeja Electricity Distribution Company while acting as the lead arranger for N9.6 billion loan to finance the payment of 75 per cent of Aura’s 60 per cent equity stake in Jos Electricity Distribution Company.

All this strategies investments has improved the customer confidence in the bank as total deposits grew by 22.1 per cent to close at N2.17 trillion.
Responding to the significant increase in deposits, Chief Finance Officer in the Bank, Mr. Ugochukwu Nwaghodoh, said: “The bank was able to effectively leverage its branch network in Nigeria and across 18 countries in Africa to generate that cheap deposit.”

Celestine Ukpong is an investor and depositor to the bank,  said “I bare my mind over the results as the fourth quarters still a head. So we must not celebrate victory in middle of the actions,” he added.


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