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UBArecords Le19.7bn profit before tax

May 16, 2016 By Hassan Gbassay Koroma

TheUnited Bank for Africa in Sierra Leone has recorded profit of Le19.7 billion before tax, compared to Le12.1 billion last year, in this year’s financial statement.

The bank also overcame macro-economic pressures to maximise profit of Le13.6 billion after tax by 59 percent, compared to Le8.5 billion in 2014, an impressive performance which translates into 33 percent return on equity.

The income statement disclosed that the Gross Earnings increased from Le31 billion in 2014 to Le43 billion in 2015, accounting for 39 percent increase. The year over year growth profit before tax is Le19.8 billion, compared to Le2.2 billion recorded in the 2014 financial year, increasing by 62 percent.

The year over year growth profit after tax in 2015 was Le13.6 billion, compared to Le8.6 billion recorded in 2014, which increased by 59 percent. The year over year growth, cost-to-income ratio increased to 52 percent from 57 percent in 2014. The return on average eq­uity increased from 26 percent in 2014 to 33 percent in 2015.

In the balance sheet, the total assets of the bank increased from Le216 billion in 2014 to Le303 billion in 2015. This accounts for 40 percent increase by year over year growth. In the area of loans, there was an increased from Le14 billion in 2014 to Le29 billion in 2015, accounting for 98 percent year over year growth.

There was an increase from Le157 billion in 2014 to Le219 billion in 2015 in the aspect of deposits, accounting for 39 percent year over year growth. The Shareholders’ Funds increased from Le47 billion in 2014 to Le60.7 billion in 2015, accounting for 29 percent year over year growth.

Managing Director and Chief Executive Officer of UBA in Sierra Leone, Ndubuisi Ejiofor, said the per­formance was a new re­cord and a reflection of the hard work and discipline of the Board, Man­agement and Staff of the bank.

He urged the staff to remain committed in their quest to double efforts in ensuring that the bank meets its 2016 financial target, adding that the remarkable growth in all lines of income statement reflects diversity of their product offerings leveraging on latest technology and customers’ acceptance of their products.

“Also, 39 percent year-on-year growth in customers’ deposits show confidence reposed by customers and other stakeholders in the bank. The non-performing Loan Ratio remains one percent despite the 98 percent growth of their loan portfolio year over year. The bank will continue to aggressively support the economy of the Sierra Leone,” he concluded.

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