UBA released its 2014 H1 results showing a 13% drop in pre-tax profits to N28.8billion (2013 H1: N33.2billion). Here is how the bank summarised the result;
“UBA’s half year results was modest as we have taken a conscious decision to move away from our public sector business and refocus our resources on private sector businesses. Our decision is not unconnected with the volatility associated with public sector businesses in the past year.
Revenue contribution from our Africa subsidiaries remained topmost of our priorities as we re-aligned our organizations leadership to grow and deepen our presence in these subsidiaries.
As we move into the second half of the year, we remain confident of our ability to fully leverage on our extensive branch network and our African presence to improve our country to country synergies. We aim to benefit from the successful execution of quality relationship management process which is driving client acquisition and engagement. To re ignite the growth momentum of the previous year, we will harness new efficiency initiatives, increase lending to key growth sectors of the economy, continuously develop our intra Africa trade among the Bank’s African subsidiaries and identify viable opportunities to leverage our strong capital position and make the right investments in our business.
While economic growth remains modest, there are signs that business returns will be much better going forward. Our customers are the reasons we are in business, and we will not relent on our efforts to seek new and innovative ways of delivering unique and value adding products to meet their banking needs” said Phillips Oduoza, Group Managing Director and Chief Executive Officer, UBA.
You can download the bank’s full press release here
