UBA Capital Plc has explained to its shareholders that its revenue rose by 241 percent to N4.6 billion for the financial year ended December 31, 2013, just as it declared a dividend of N1.5 billion.

The shareholders at the Annual General Meeting, AGM, commended the Board, management and staff for the impressive financial performance during the year under review and equally endorsed all resolutions put before them at the meeting.
Speaking at the first AGM of the company, Group Chief Executive Officer, UBA Capital, Mrs. Oluwatoyin Sanni, said:

“We recorded gross earnings of N4.6billion, representing a growth of 241 percent on prior year earnings. The strong gross earnings was driven by fees and commission from execution of various investment banking mandates including power  sector transactions and capital market (45 percent), as well as net interest margin income (41 percent ) generated from our various funds under management . Other income contributed 14 percent.”

She, however, assured shareholders that the company would maintain minimal cost of transactions in subsequent financial periods. “We are mindful of our expenses and will ensure that we maintain minimum cost. The major cost that we incurred during the year under review was a result of our acquisition of two businesses. Our acquisition of Trustees and asset management businesses enabled us to diversify our income streams and grow our asset base and revenue line,” she added.

In his own remark at the AGM, Chairman, UBA Capital Plc, Mr. Chika Mordi, commended the shareholders for the support and promised that the company will always take of care of their interest by declaring better returns.

He disclosed that just within one year of the company’s operation, it recorded total assets of over N68 billion, stressing that the acquisition of two new businesses contributed to boost the Group’s assets. According to him “Profit after tax from continuing operation grew by 106 percent to N1.8 billion from N856 million. This is as a result of growth in our various business lines, a more diversified income stream and efficient cost management.”