• GROUP
  • CAREERS
  • UBA FOUNDATION
  • ATM/BRANCH LOCATOR
  • OPEN AN ACCOUNT
Close
Sierra Leone
  • Nigeria
  • Benin
  • Burkina Faso
  • Cameroon
  • Tchad
  • RDC
  • Cote d'ivoire
  • Gabon
  • Ghana
  • Guinea
  • Kenya
  • Liberia
  • Moçambique
  • Senegal
  • Tanzania
  • Uganda
  • Zambia
  • France
  • America
  • Mali
  • UK
  • Foundation
  • Alumni
  • UAE
  • France

 

    MENUMENU
    • INTERNET BANKING
      • Personal
      • Business
    • Personal
      • Personal
        • UBA Personal Banking

          At UBA, we are constantly thinking about you! We create accounts tailored to your individual needs as a valued customer and are constantly developing new products and services to help make banking and life easier for you

      • Savings Accounts
        • Savings Account

      • Money Transfer
        • Easily transfer cash to countries outside your region.

          UBA international money transfer Is a secured electronic payment service that allows money transfer across African countries and beyond.

      • Loans & Payments
        • Loans & Payment

          No matter what your needs are, we are here for you. ​

      • Cards
        • Our cards are highly convenient to use anytime.

          Our cards are issued to clients that perform one or more of a number of services that relate to giving the client access to numerous services.

      • Current Accounts
        • Our Current account enables you bank wisely.

          A UBA Current Account is suitable for everyone, whether employed, self-employed, students, artisans, or members of the diaspora.

      • UBA Connect
        • UBA Connect

          With UBA Connect, our customers can make cash withdrawals, deposits and transfers at any UBA branch across Africa

    • Digital Banking
      • Digital Banking
      • Notification Services
      • Mobile Banking
      • Instant Bills Pay
    • Diaspora Banking
      • Diaspora Banking
    • Media
      • Press Release
      • News
      • Blog
      • Gallery
      • Financial Reports
      • Newsletter
    • ABOUT US
      • About UBA ( SL )
        • History

          About UBA Sierra Leone

      • Careers
        • Careers

          See our Latest Job openings

      • History
      • Leadership
      • Moving to Sierra Leone
      • Information Security Policy
      • Privacy Policy
      • Terms & Conditions
    • Help
      • Help
      • Contact
      • Whistle Blowing
  • LOG IN
UBA Sierra Leone

Starting 2021 Strong, UBA Records 27% PAT Growth, 20.5% ROAE

By ubasierraleone on April 19, 2021

 

 

 

 

 

Starting 2021 Strong, UBA Records 27% PAT Growth, 20.5% ROAE

Pan African financial institution, United Bank for Africa (UBA) Plc has released its unaudited results for the first quarter ended March 31st, 2021, showing impressive double-digit growth across most of its major income lines.

The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 24% year-on-year growth in Profit Before Tax in the first three months of the 2021 financial year, to N40.6 billion compared with N32.7 billion recorded in the first quarter of 2020.

Profit After Tax also grew by 26.8% from N30.1 billion in March 2020 to N38.2 billion in the period under review. Interestingly, UBA again sustained its strong profitability recording an annualised 20.5% Return on Average Equity (RoAE) compared to 19.9% in the same period of 2020.

Driven by a year-on-year growth in interest income, UBA Group recorded another impressive 5.5% percent year-on-year growth in Gross Earnings to close at N155.4 billion for the three month period ending March 2021, compared to N147.2 billion recorded in the first three months of last year 2020.

The bank’s total assets also rose by 2.5% to N7.9 trillion in the period under review, compared to N7.7 trillion recorded at the end of the 2020 financial year whilst shareholders’ funds grew to N762.4 billion up by 5.3% from N724.1 billion as at FY 2020.

The Group Managing Director/CEO of the United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, expressed satisfaction with the Bank’s performance in the first quarter of 2021, stating that the result reflects UBA’s capacity to sustainably grow earnings even in a highly uncertain macroeconomic environment.

He added that the robust capital and liquidity positions have positioned the bank as it continues to support its customers across diverse sectors and markets, guided by prudent risk management practices.

“This impressive 2021Q1 results reflect the capacity of our business to sustainably grow earnings even in a highly uncertain macroeconomic environment. We remain upbeat on the macroeconomic outlook of the countries in which we operate, especially as the COVID-19 vaccine distribution gains traction globally, whilst commodity prices and currencies continue to stabilise. Our robust capital and liquidity positions have positioned us to continue to support our customers across diverse sectors and markets, guided by prudent risk management practices,” The GMD said. 

Uzoka pointed out the bank’s effort towards diligently executing its priorities for the year 2021, as it leverages people, process, and technology to deliver the best customer experience across all  its channels and touchpoints, achieving industry leadership and dominance, adding, “The bank is making strong progress in Nigeria where our continuous market share and efficiency gains are translating into higher profits. We are committed to sustaining this strong start throughout the year, leveraging our customer-First (C-1st) philosophy and unparalleled execution to deliver even stronger returns to our esteemed shareholders in 2021 and beyond;” Uzoka said.

Further breaking down the figures, UBA’s Group Chief Finance Officer, Ugo Nwaghodoh, said, “I am particularly pleased with our annualised return on average equity of 20.5% and return on average asset of 2.0%, as these indices buttress our commitment to delivering sustainable value to our stakeholders. We continued to deploy our balance sheet efficiency and digital-led cost optimisation initiatives to achieve desired outcomes. Cost-to-income ratio improved by 200bps to 60.4% during the period, whilst cost of funds settled at 2.0%, a 130bps reduction from 3.3% in 2020Q1.

Nwaghodoh expressed confidence that the bank will meet and surpass its target for the remaining three quarters of the year, adding that, “We are confident on the strong prospect for earnings growth, particularly as we are better positioned to consolidate recent market share gains in Nigeria and other geographies where we operate. This result is a strong start for the year, and we are optimistic about sustaining the exciting performance throughout the year and beyond.”

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-one million customers, across over 1,000 business offices and customer touch points, in 20 African countries. With presence in the United States of America, the United Kingdom and France, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services

Posted in Press Release and tagged Pan African, UBA.
Share
←  NewerThe UBA Africa Conversations 2021
Older  →UBA Supports FCC Transform Freetown Initiative with 1,300 Sanitation Aprons

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Banking With Us
    • Personal Banking
    • Digital Solutions
  • Helpful Information
    • Savings Account
    • Current Account
    • Cards
    • Contact Us
  • About UBA
    • Business Focus
    • UBA History
    • Achievements
    • Strength & Ratings
  • Resources
    • Shareholders Information
    • Key Figures
    • CEO's Overview
    • Analyst's Reports
    • Reports
  • Connect
    Sign Up for Our Newsletter

    **I agree that UBA Group and its affiliates may use my contact details to send me communications

    Download on the App Store Get it on Google Play






UBA Sierra Leone is licensed and regulated by the Central Bank of Sierra Leone.
  • © 2025 United Bank for Africa. All Rights Reserved.
  • Terms and Conditions Privacy Policy
  • INTERNET BANKING
    • Personal
    • Business
  • Home
  • Personal
    • Personal
    • Savings Accounts
    • Money Transfer
    • Loans & Payments
    • Cards
    • Current Accounts
    • UBA Connect
  • Digital Banking
    • Digital Banking
    • Notification Services
    • Mobile Banking
    • Instant Bills Pay
  • Diaspora Banking
    • Diaspora Banking
  • Media
    • Press Release
    • News
    • Blog
    • Gallery
    • Financial Reports
    • Newsletter
  • ABOUT US
    • About UBA ( SL )
    • Careers
    • History
    • Leadership
    • Moving to Sierra Leone
    • Information Security Policy
    • Privacy Policy
    • Terms & Conditions
  • Help
    • Help
    • Contact
    • Whistle Blowing
  • Personal
  • Business