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UBA records 21% growth in profit to N70.3bn

…Declares N0.20 interim dividend

By Peter Egwuatu

IN spite of the increasingly unpredictable environment witnessed in some of its countries of operations, the pan African financial institution, United Bank for Africa, UBA Plc has recorded double digit growth in its profit before tax as it rose by 21 per cent to N70.3billion for the half year, June 2019, HI’19 up from N58.1billion recorded in the similar period of 2018, HI’18.

The Profit After Tax, PAT also improved to N56.7 billion, a 29.6 percent growth compared to N43.8 billion achieved in the corresponding period of 2018. The profit for H1’19, translated to an annualised return on average equity of 21.7 per cent.

According to its results filed with the Nigerian Stock Exchange, UBA recorded a 14 percent year-on-year rise in top-line, with gross earnings of N293.7 billion, compared to N257.9 billion recorded in the corresponding period of 2018. Analysts say that this performance emphasises the capacity of the Group to deliver a strong performance through economic cycles in spite of the overall challenging business environment.

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As at June 30, 2019, the Bank’s Total Assets grew by 4.8 percent crossing the N5 trillion mark to N5.10 trillion. Customer deposits also rose by 4.8 per cent to N3.51 trillion, compared to N3.35 trillion as at December 2018. This growth trajectory underscores UBA’s market share gain, as it increasingly wins customers through its revitalized customer service culture coupled with innovative digital banking offerings. The bank’s Shareholders’ Funds remained strong at N542.5 billion, reflecting its strong capacity for internal capital generation.

In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held by its shareholders.

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