Tony Elumelu

United Bank for Africa (UBA) Plc is living up to its appellation as Africa’s global bank with results for first quarter ended December 31, 2007 that have raised the performance bar in the industry. The results show a profit (before tax) of N10.649 billion, representing a 101 percent growth in profitability from the N5.31 billion recorded for the same period last year.

Gross earnings grew by 76 percent from N22.13 billion in 2006 to N38.981 billion same quarter in 2007 whilst profit after tax soared by over 100 percent to N9.166 billion from N4.502 billion in the first quarter ended December 2006.

The results come a few weeks after the bank published its full year account for 2007 which showed a profit before tax of N30.068 billion for full year ended, September 30, 2007, the highest ever achieved by any Nigerian bank.

UBA is now not only Nigeria’s most profitable bank but also the biggest in asset base, proving that operational efficiency. The bank has been spreading its wings to other regions of Africa and Europe in its quest to replicate its Nigerian success story in other parts of the world.

Commending employees of UBA for starting the first quarter of the bank’s 2007/2008 financial year on a high, the Group Managing Director and Chief executive Officer of the bank, Mr. Tony Elumelu, said the result is evidence of the commitment of employees not only to grow Africa’s global bank from Nigeria but also to grow an efficient and profitable brand that is globally competitive.

Mr. Elumelu stressed on the imperative to sustain the performance and urged staff to work towards improving customer experience beyond mere satisfaction. “As we celebrate the sterling performance in the last quarter, one of our main areas of focus is managing the increasingly complex, multifaceted customer experience in our system. We are committed to leading the entire banking industry in terms of service quality by enhancing the cumulative set of interactions with our customers that in ways that will generate repeat patronage as well as referrals.,” he said.

Head Corporate Communications, UBA, Celine Loader attributed UBA’s financial performance to a culture of “achieve” that has been imbibed by every staff of the bank. Loader pledged the commitment of the bank to development of best-in-class products and services that will enhance the customer experience while cementing the brand position as Africa’s global bank.

United Bank for Africa Plc has in the past few years proven to be one of the most profitable companies in Nigeria. In its last financial year, which ended, September 30, 2007, the bank posted a healthy profit of N30.006 billion. The bank which also closed the year as the most capitalized company on the Nigerian Stock Exchange with a market capitalization of N633 billion, also grew its total balance sheet size by 43 percent from N1.15 trillion in 2006 to N1.64 trillion in 2007 thereby sustaining its position as the biggest financial services provider in Nigeria.