Nigeria: UBA cuts 2015 loan growth forecasts as economy falters
Nigeria’s United Bank for Africa (UBA) has lowered its forecast for 2015 loan growth to 5 to 8 percent from 15 to 20 percent as rising regulatory and economic uncertainty increase risks to lending, the bank said on Tuesday.
UBA CEO Phillips Oduoza told an investor call that the top tier lender would maintain a conservative approach to lending for the second half of the year with a view to balancing risk with returns, Reuters reports.
Loans grew 8.5 percent in the first half.
“We have revised downwards our loan growth target … given renewed uncertainity in the global and domestic market we would maintain a conservative approach,” Oduoza said.
