UBA hinges future performance on cost efficiency, improved asset quality
, as well as the continuous adoption of strict cost efficient measures, will help the bank achieve its objectives and priorities for the 2019 financial year and beyond.
The Group Managing Director/Chief Executive Officer, Kennedy Uzoka, who noted this in a submission while presenting the bank’s 2018 full year results during an international investor/ analysts conference call on Thursday, explained that UBA’s well diversified asset book supported by stable funding structure, placed it in a premium position to perform remarkably despite the falling economic indices in its operating environment.
The Group maintained its appetite for a well-diversified balance sheet, with over 60% in liquid, low risk instruments.” Throwing more light on the financials, he stated that gross earnings grew by 7% year-on-year, despite regulation and market conditions undermined the non-interest income line. Interest income, which contributed 73% of gross earnings, grew by 11%, driven by strong interest income on treasuries, reflecting the low-risk appetite and treasury-led strategy adopted during the year.
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