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United Bank for Africa Plc Appoints Emmanuel Nnorom as Non-Executive Director

United Bank for Africa Plc (UBA), has announced the appointment of Mr. Emmanuel N. Nnorom as a Non-Executive Director of the bank

This was contained in the Company’s notice to the Nigerian Exchange Limited (NGX).

According to the company, the appointment was effective from April 30, 2024.

“Africa’s Global Bank, United Bank for Africa Plc (UBA), hereby announces the appointment of Mr. Emmanuel N. Nnorom as a Non-Executive Director effective April 30, 2024. The Central Bank of Nigeria (CBN) gapprovedthis appointment on May 13, 2024”.

The statement signed by the Group Company Secretary/ Legal Counsel, Bili A. Odum notes that Mr, Emmanuel N. Nnorom has over 40 years of work experience in financial services and audit, including significant board experience with listed companies.

Mr. Nnorom is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and an honorary member of the Chartered Institute of Bankers of Nigeria (CIBN). He is an alumnus of Templeton College, Oxford.

UBA Group Chairman, Mr. Tony O. Elumelu, CFR, who spoke on the appointment, said,

“The appointment of Emmanuel Nnorom, a professional with considerable experience in the sector, emphasizes our Group’s commitment to strong governance and excellence. Mr. Nnorom brings a track record of working in critical sectors of the Nigerian economy, including power, together with a pan-African perspective, and complements our existing Board.”

United Bank for Africa’s (UBA) unaudited financial results for the first quarter of 2024, showed a remarkable 154.74% year-on-year increase in pre-tax profit, reaching N156.344 billion.

The significant growth demonstrates both the strengths and the challenges posed by the current macroeconomic environment, characterized by heightened inflation, elevated interest rates, and foreign exchange volatility.

A detailed analysis of the financial results attributes UBA’s strong performance in Q1 to substantial growth in interest income, driven primarily by lending activities and investments in securities, particularly bonds.

UBA’s interest income saw a substantial year-on-year increase of 129.7%, amounting to N440.764 billion.

Notably, interest income from investments in securities surged to N201.026 billion, representing approximately 46% of the total interest income.

This surpasses the contribution from income generated from loans and advances. Interest income from loans and advances also experienced a significant rise, reaching N195.309 billion, which constitutes about 44.31% of the group’s total interest income.

UBA closed on Thursday, May 23, 2024, at N20.00 per share on the Nigerian Stock Exchange (NGX), recording a 1.7% drop from its previous closing price of N20.35. The bank began the year with a share price of N25.65 but has since lost 22% of the price valuation.

 

Nairametrics

About Bukola Olanrewaju

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