Fact behind UBA’s growth numbers, by finance chief

Chijioke Nelson | April 03, 2017

Fact behind UBA’s growth numbers, by finance chief
The positive financials of United Bank for Africa Plc (UBA) amid challenging economic situation in the country has been attributed to rise in the contributions of foreign subsidiaries, exchange rate gains and quality technology-backed operations.The bank’s Group Chief Finance Officer, Ugo Nwaghodoh, while speaking with select journalists at the weekend, said the group reaped from its long standing outposts across the continent, with record showing 33 per cent contribution in 2016, from 10 per cent in 2015.Already, the bank has unveiled plans to expand its regional footprints to seven more countries in the next seven years, describing its profit from Ghana subsidiary as capable of standing side-by-side with some banks in the country.While Nigeria, the bank’s major market is in recession, 18 of its foreign subsidiaries sustained its double-digit growth record, as the group pioneers electronic banking and develops services in those markets with lots of results.

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