UBA African subsidiaries beat expectations, contributes over 32% of group’s revenue

Pan-African financial services group, United Bank for Africa (UBA) Plc, has announced its full year 2016 financials, showing consistent growth trajectory with impressive contributions from the Bank’s eighteen African subsidiaries (outside of Nigeria), which jointly contributed over 32 percent of the Group’s revenue.

The feat achieved by the subsidiaries is a remarkable improvement compared to 2015 financial year, when the businesses cumulatively contributed a quarter of the revenue.

The bank’s result released last week showed that of the 18 UBA subsidiaries in Africa, 16 are profitable, whilst the remaining two subsidiaries showed strong prospect for becoming profitable in 2017, as the businesses recorded significant market penetration in 2016.

The Group Managing Director, UBA Plc, Mr Kennedy Uzoka, who disclosed this expressed delight at the performance of the subsidiaries, particularly as he had direct responsibility for the subsidiaries whilst he was the Deputy Managing Director, before he was appointed the Group Managing Director in 2016. Notably, Kennedy, who was the CEO, UBA Africa until his appointment, successfully transformed the businesses within three years, raising the contribution of the subsidiaries to almost a third of Group’s revenue, from barely 20 per cent in 2013.

He added that all staff are fully committed and diligent in executing the bank’s strategies towards improving service quality all its channels and across geographies. Hence, he reiterated his optimism on the positive outlook on the Group, as he believes that UBA has the capacity to sustain the strong growth in Nigeria and across the chosen markets in Africa.