United Bank for Africa Sierra Leone Limited has made steady and significant strides in the growth of its profits and total assets in ended 2013 financial year, the bank has said.
According to the bank’s financial statement for 2013, which was published Friday 16th May 2014, UBA Sierra Leone posted a profit before tax (PBT) of Le12.1 billion compared with Le8.2 billion in 2012, representing an incremental growth rate of 48. There was also a growth in total assets of 36% from December 2012 to the same period last year. With this performance, UBA Sierra Leone has consolidated its position as one of the most profitable banks in Sierra Leone.
“The impressive performance of the bank is also anchored on several cost-efficient initiatives and a strong risk management framework that optimize the use of our resources, which have resulted in UBA Sierra Leone becoming one of the best banks in cost-income and NPL ratios in Sierra Leone, both of which were 55% and 2% respectively by 2013 year-end despite 85% growth in loans and advances within the two periods under review,” the bank said in a statement. “The period under review also saw significant improvement in the bank’s return on equity. Return on equity increased from 19% in 2012 to 29% last year against industry ROE of 12%.”
The bank, the report further stated, has achieved these results despite the challenging operating environment, demonstrating strength and resilience.
According to Managing Director Ndubuisi Ejiofor, UBA is committed to redouble her efforts in the 2014 financial year, which he said has commenced in earnest.
“Also, in line with our Project Alpha target, our goal is to attain industry leadership in 2015. We remain committed to achieving these goals using our gilt edge technology and e-banking product offerings,” he said.