Author Topic: UBA RECORDS N78BN GROSS EARNINGS  (Read 1554 times)

Offline furtune

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UBA RECORDS N78BN GROSS EARNINGS
« on: May 19, 2008, 12:57:00 PM »
The results, presented to the Stock Exchange, also showed a rise in gross profit by 86 per cent from N11.7bn recorded last year to N21.8bn this half year.

In an unprecedented move in the banking sub- sector, the directors of UBA have proposed a bonus of one new share for every two held by shareholders and an interim dividend of 25kobo per 50kobo ordinary share.

Expectedly, the market responded positively to the news, pushing the bank?s share price to N60.90 from an opening price of N58.00 as investors scrambled to take positions on the bank?s shares.

The results indicate consistency in UBA?s post consolidation performance, a trend that followed from its 2007 financial results, which saw the bank emerge as one of the most profitable in Nigeria with a profit of N30bn.

Commenting on the results, the Executive Director and Group Chief Finance Officer, Mr. Victor Osadolor, said the performance was the outcome of an increase in return on assets and an improvement in staff productivity.

He said, ?Increased efficiency in the system has resulted in a remarkable improvement in staff productivity by about 142 per cent,? he asserted.

He was also optimistic that the trend would be sustained for the remaining period of the 2008 financial year.
Leading financial services group, United Bank for Africa Plc, continued to show strong performance with the announcement on Friday of a 67 per cent rise in gross earnings to N78bn for the half year ended, March 31, 2008, up from N46.8bn in the previous period of last year.
UBA?s half year results come on the heels of the announcement of a repositioning exercise designed to prosecute the next phase of the bank?s strategic growth and global expansion.

On Monday, UBA unveiled a new operating structure accompanied by the appointment of two deputy managing directors, three new executive directors and the realignment of the portfolios of existing senior management staff.

The new operating structure consists of six Strategic Business Groups and three Strategic Support Groups, all reporting to the Group Managing Director/Chief Executive Officer.

Whilst the six strategic business groups are market- facing units with responsibility for business development and revenue generation, the strategic support groups are responsible for group shared services that will enable the group exploit benefits of scale and inject discipline across business processes to drive the delivery of superior operational efficiency, governance standards, controls and customer service.

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UBA RECORDS N78BN GROSS EARNINGS
« on: May 19, 2008, 12:57:00 PM »

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