Nigerian Bank UBA Sees African Units Making Up 50% of Profit
- Lender injects $100 million into five African subsidiaries
- UBA is targeting a return on equity of 18% in 2018 from 16%
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Nigerian lender United Bank for Africa Plc expects its operations in 18 other African countries to account for half of its earnings over the next three years.
The Lagos-based bank injected more than $100 million into its units in the Democratic Republic of Congo, Benin, Ivory Coast, Tanzania and Mozambique to help them expand, UBA Chief Financial Officer Ugochukwu Nwaghodoh said in an April 15 interview in Lagos, Nigeria’s commercial hub. The cash, pumped into the operations over July and August, will start having a “full effect” on income from this year, he said.