At the 59th Annual General Meeting of the UBA Bank Group on the 1stIs In April 2021, Board President Tony O. Elumelo told shareholders that the bank has made strategic decisions that strengthen its commitment to become a leader in the industry and that it is a position to be aspired to in Nigeria, Africa and the world.
“We have made strategic investments in our banks and digital technology platforms to further promote self-service banking. We are working to enhance the capabilities of our staff by implementing several online capacity building programs. ”Says Tony Elumelu. African operations (excluding Nigeria) accounted for about 55% of profits for the year, indicating that “we are truly an African bank.”
In fact, the company closed fiscal year 2020 with a profit of 27.7%, up from $ 277.57 million in 2019 to $ 217.32 million in 2019. Profit before tax was US $ 321.71 million, up from 271.47 million previously. In terms of gross profit, it increased by 10.8% to US $ 1.513 billion compared to 1.365 billion in the same period in 2019. This growth is also reflected in total assets, which grew by 5.6% to $ 18.78 million.
According to the Group Head, the work done to strengthen governance at the team level and to improve business and operational models by 2020 will pave the way for the Bank to take advantage of recovery and gain significant market share profit from operations.