Business

UBA Bank Records Shs 2bn Profit, the First Since 2008   

UBA Uganda has posted Shs 2bn in profit

United Bank for Africa (UBA) Uganda has released its audited 2016 full year results, decease showing growth in total income and profits despite economic headwinds.

Officials said this underscored the financial institution’s enhanced efficiency and increased productivity.

UBA Uganda recorded a 24 percent growth in total income of Shs 29.7 billion as at 31st December 2016, from Shs 24 billion at the end of 2015.

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The bank also reported Shs 2.6 billion in profit after taxes, representing a 162 percent growth in profits from a loss of Shs 4.3 billion in 2015.

The turnaround also marks the first time the bank has recorded profits since 2008 when it started operations in Uganda.

In 2016 UBA named Dr. Ben Mbonye as the new Board Chairman and Mr. Johnson Agoreyo, an experienced banker, as its Managing Director/CEO

Mr Agoreyo expressed gratitude “to our growing list of loyal customers and partners without whom this growth wouldn’t have been achieved.”

He said the bank has improved its operational efficiencies, built and strengthened strategic partnerships with government and other institutions and continued to put its customers first through technological innovations that have increased convenience in banking.

Speaking on the outlook for 2017, Agoreyo expressed optimism.

Peter Ssenyange, Chief Financial Officer (CFO) of UBA Uganda, stated that the Bank extracted efficiency gains across its operations to boost profitability.

“The bank is running a more efficient balance sheet and its leveraging of new trade relationships has seen significant improvement across major performance metrics,” said Ssenyange.

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