He said, “The year 2021 can best be described as a year of global recovery; economies around the world began to witness early-stage recoveries, as supply chains recover from the devastating disruptions suffered in 2020.Consequently, UBA recorded remarkable seven per cent growth in top line to N660 billion , and profit before tax of N153.1 billion, up 20.3 per cent from the prior year. Net Loans and advances grew by 7.7 per cent to N2.
“Looking forward, I am particularly excited about our ongoing Enterprise Transformation Program which is designed to enhance the bank’s process agility, service delivery and customer experience. We are also making sizeable investments in cutting-edge technology and cyber security, to keep our innovative digital banking offerings above the curve, as we tool and re-tool our human resources to compete and win in a rapidly changing and evolving landscape.
“Through active and diligent assets and liabilities management, the bank was able to protect its net interest margin and achieved a downward moderation of Cost of funds by 70 basis points to 2.2 per cent from 2.9 per cent in the prior year.