Business

UBA records $297m profit for 2016

KALONDE NYATI, Lusaka
DESPITE the challenging global economic environment, United Bank of Africa (UBA) has managed to post a 32 percent profit before tax driven by growth in interest and non-interest income and robust cost management initiatives.
The Group,which also has operations in Zambia, posted profits of US$297 million in the financial year ended December 2016 compared to US$222 million profit recorded over the same period the previous .
According to a statement on the UBA group performance, profit after tax grew by 22 percent to US$235 million, from US$195 million recorded the previous year.
“Notwithstanding the challenging operating environment, the Group recorded an impressive 22 percent growth in gross earnings to US$1.25 billion in 2016, from US$1.03 billion in the 2015 financial year, illustrating the bank’s resilience and tenacity to generate earnings even in periods of economic slowdown,” the statement issued by head of corporate communications Soneka Matakala reads.
UBA shareholders have also approved the payment of US$65 million as final dividend for the financial year ended on December 31, 2016, in addition to US$24 million interim dividend paid after the audit of its 2016 half-year results.
Commenting on the development, group chairman Tony Elumelu said: “These hard-working men and women, who chair the Boards across our businesses in Africa, have helped contribute a third of the overall profit of the Group. I believe they deserve commendation. They are strengthening UBA brand across Africa, in line with our aspiration.”
UBA is a leading pan-African financial services group with presence in 19 African countries, as well as the United Kingdom, the United States of America and France.


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