Despite the downturn in global economy as impacted by the COVID-19 pandemic as well as a severe operating environment, the bank has shown its resilience maintaining an impressive performance in its core banking operating segment to support growth in profitability and outshine its peers.
Interest expenses, however, declined by 12.7per cent to N114.44 billion in 2021 from N131.12billion 2020 as the bank recorded substantial moderations across the various liabilities categories.The combined impact of higher interest income and lower expenses on liabilities drove net interest income higher by 23.2 per cent to N229.27 billion in 2021 from N186.02 reported in 2020.
Key contributing factors to growth in total assets included 12.4 per cent increase in loans and advances to N2.87 trillion as at September 30, 2021 from N2.55trillion reported in 2020, while Deposits from customers gained 7.2 per cent to at N6.08trillion from N5.68trillion recorded in full year ended December 31, 2020.
“Looking ahead, we believe our huge investments in digital business following lessons learnt from the pandemic, will continue to pay off in delivering significant growth opportunities across our business operations even as the economy speedily heals from the impact/effect of the pandemic.” With four million users on board, UBA has concluded plans to further extend its reach Leo services to become available on Instagram and Google Business, terrains none of its peers can lay claim to. Leo is available to UBA customers 24 hours a day and seven days a week, with its repository of knowledge, especially when it comes to helping with banking services.
“While other financial institutions are still trying to find their feet as regards Artificial Intelligence, we can proudly say that our Leo has become a massive success as it continues to consolidate on its successes and accolades winning several awards in a short while of its existence, “he added. “UBA’s vision has always been and will remain to be a dominating force in Africa’s digital banking space. Our resolve is to provide unparalleled experience across all channels. We are a technology-driven institution with vast knowledge in the business that we do and Leo, being a tested, dependable and intelligent personality, did well to replicate on WhatsApp the success it recorded on the Facebook Messenger platform where it started its journey and later on the IOS platform.
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