The 2020 audited financials filed at the Nigerian Stock Exchange yesterday, showed that bank’s gross earnings grew by 10.8 per cent to N620.4 billion, compared to N559.8 billion recorded in the corresponding period of 2019. The Bank’s total assets also grew by 37.0 per cent to N7.7 trillion for the year under review.
On the cost side, operating expenses grew by 10.1 per cent to N249.8 billion, as against N217.2 billion in 2019, well below average inflation rate of 13.2 per cent for the year, thus reflecting the bank’s cost effectiveness. Commenting on the result, the group managing director/CEO, Kennedy Uzoka noted that the year 2020 was important for UBA Group, as it gained further market share in most of its countries of operation.
No money in circulation
Progress for the owners but not for the workers who labor to generate the huge income.