UBA African Subsidiaries Contribute 32% to Group’s Revenue

The United Bank for Africa (UBA) Plc full year 2016 financials released recently have revealed that its18 African subsidiaries (outside of Nigeria) jointly contributed over 32 percent of the Group’s revenue.The feat achieved by the subsidiaries was an improvement compared to 2015 financial year, when the businesses cumulatively contributed a quarter of the revenue. The results released showed that of the 18 UBA subsidiaries in Africa, 16 were profitable, whilst the remaining two subsidiaries showed strong prospect for becoming profitable in 2017, as the businesses recorded significant market penetration in 2016.