The pan-African financial institution, United Bank for Africa Plc, has announced its audited 2018 financial results with impressive growths achieved across major financial lines.
Due to lower foreign exchange trading income, operating expenses grew by 4.1 per cent to N197.3 billion, compared to N189.7 billion in 2017. “Defying the relatively weak economic growth in Africa, earnings were positive and we grew our balance sheet by 20 per cent, driven by the 23 percent growth in our deposit funding. In a period of economic uncertainty, we have focused on retail deposit mobilisation, with exciting results.
“Having said this, I am excited by the profitability of our ex-Nigeria subsidiaries, which now contributes an impressive 40 per cent earnings to the group. At the moment, our Nigerian business is benefiting from our product and operational focus, gaining market share – most importantly, the increasing penetration of our retail offerings is reassuring as this fundamental progress aligns with our strategy of focusing on sustainable growth.
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