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UBA’s gross earnings hits N160bn

LAGOS -United Bank for Africa (UBA) gross earnings in the nine-months ended June 30, 2009 rose by 34 per cent to N 160.6 billion compared to N 120.3 billion recorded during the same period in 2008.

The Bank’s profit before tax and exceptional items stood at N 33.695 billion.

The bank also made an exceptional provision of N21.5bn which, according to information released at the Nigerian Stock Exchange floor on Friday, July 31, 2009, was a deliberate action to aggressively position and buoy its reserves for current and potential dimunitions in capital market exposures, loans and special assets.

With this exceptional provision, its profit before tax and after exceptional items stood at N12.4bn.

The exceptional provision by the group is in line with its ongoing commitment to implementing a robust enterprise risk management system across its global operations. It must be noted that the bank recently embarked on implementation of International Financial Reporting Standards (IFRS) and BASEL 2.


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