United Bank for Africa Plc recorded gross earnings of N166 billion, net operating income of N109 billion and profit before tax of N40 billion in the last financial year.

The bank also recorded a significant growth in total assets, rising 20% to N3.3 trillion, crossing the three trillion mark, with the Board recommending payment of N0.20 interim dividend on every ordinary share of N0.50 each.

Speaking on the results, Kennedy Uzoka, the GMD/CEO, UBA Plc, said the result was achieved amid waning economic fundamentals.

He said: “We delivered profit in excess of  N40 billion and grew balance sheet by 20%, with our on-balance sheet total assets crossing the  N3 trillion mark.

‘’Even as Naira depreciation and inflationary pressure increased the cost of doing business in Nigeria, we leveraged our economics of scale, enhanced operational efficiency and Group shared service structure to moderate our cost-to-income ratio by 90bps.

The bank, according to Uzoka achieved several strong positives in its performance for the half year, as bank net loan position rose 29% to N1.29 trillion, partially boosted by the depreciation in the value of the Naira.

He said the bank also recorded a significant 16% growth in deposits to N2.41 trillion, surpassing the 15% target growth in deposits set at the beginning of the year.

Uzoka said another positive for UBA was a drop in cost to income ratio to 63% as at half year, compared to 64% in same period of 2015.

He said:  ‘’It is noteworthy that the bank maintained its strong asset quality, with non-performing loans ratio at 2.4%; well below the CBN set limit of 5% for the banking industry.