By NKIRUKA NNOROM

United Bank for Africa, UBA, has announced 16 percent growth in its loan book to N1.067 trillion from N937.6 billion for period ended December 31, 2013.

The unaudited first quarter financial statement for the period ended March 31, 2014, also showed that gross earnings rose by 8.2 percent to N68 billion in Q1, 2014 compared to N63 billion in the corresponding period of 2013.    

Other details showed that quarter-on-quarter (QoQ) profit-after-tax recorded a significant 36.37 percent increase from N9.23 billion as at fourth quarter 2013 to N12.59 billion in the first quarter of 2014.

The first quarter unaudited results also showed an operating income of N45.5 billion in the period, a marginal two percent increase on N44.6 billion in the first quarter of 2013.

Speaking on the result, Mr. Phillips Oduoza, UBA’s Group Managing Director and Chief Executive Officer, said the bank has focused on a number of strategic initiatives aimed at increasing its market share in the Nigerian and African markets.

“We are optimistic that the gains of our improved electronic banking channels and financial inclusion initiatives will materialise in successive quarters during the year. We remain confident that we have the right tools to achieve our business goals for the year whilst ensuring we continue to improve our customer service delivery and further consolidate our growth momentum.” said Oduoza.

Also in the quarter under review, UBA’s net interest margin (NIM), which shows the quality of the bank’s earning on its lending activities, remained stable at 5.9 percent Quarter on Quarter (QoQ). Cost of funds also remained stable at 3.6 percent, QoQ, while return on assets remained stable at 1.9 percent QoQ, just as Return on equity improved to 22.1 percent QoQ from 21.3 percent.