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UBA commitments to customers service, good product boost H1 profit, says Uzoka

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The United Bank for Africa Plc said its unending commitment towards delivering products and services aimed at meeting customers’ demands has help it recorded significant improvement in its operational and financial performance.

In a statement on Sunday, the bank quoted its Chief Executive Officer, Kennedy Uzoka as saying that despite the challenging business and economic environment, the bank increase its profitability in the first six months of the year.

Uzoka, who spoke during the investors/analysts conference call, said UBA delivered a 33.4 percent appreciation in its profit before tax which rose to N76.2 billion as of June 2021, up from N57.1 billion recorded in the same period of 2020.

The PBT, he said translated to an annualised Return on Average Equity of 17.5 percent as against 14.4 percent a year earlier..

He said that profit after tax grew to N60.6 billion representing a significant rise by 36.3 percent compared to N44.4 billion recorded in 2020, while gross earnings grew to N316 billion from N300.6 billion as of June 2020; a 5.1 percent growth.

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This feat, he noted, was recorded despite the challenging business and economic environment that emerged from the slow pace of activities following the global lockdown occasioned by the COVID-19 pandemic.

The group managing director expressed optimism that the bank was on the trajectory of achieving and even surpassing its targets for the financial year, adding that its focus on delighting its customers remained at the forefront of all its activities.

“We are very committed to prudent and responsible growth of our risk assets, quality of our balance sheet and the overall health of the bank.

“We will continue to balance our growth appetite with the need to maintain very good healthy portfolio of our assets.

“Our customer first philosophy remains our guiding strategy. We want to assure you of positive customer experience for all our customers.

“In addition, we would like to deliver our banking services only from the standpoint of our customers. And indeed, as we say at UBA, our customers are our ultimate employers,” Uzoka stated.

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