UBA defies harsh economic times, reports a 21% growth in profits

NIGERIA – UBA Plc, a pan-African financial services group headquartered in Nigeria, has recorded an impressive 21 percent growth in profits before tax for the first half of 2019 (H1’19).

Its Profits rose to US$193.77 million (N70.3billion) in HI’19 up from US$160.14 million (N58.1billion) recorded in the similar period of 2018.

The financial service provider was able to perform well in spite of the increasingly unpredictable environment witnessed in some of its countries of operations.

Profit after Tax, PAT also improved to US$156.28 million (N56.7 billion), a 29.6 percent growth compared to US$120.73 million (N43.8 billion) achieved in H1’18.

The profit for H1’19, translated to an annualised return on average equity of 21.7 per cent.

Results recorded in the Nigerian Stock Exchange show that, UBA recorded a 14 percent year-on-year rise in top-line, with gross earnings of US$809.53 million (N293.7 billion), compared to US$710.85 (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 and challenging business environments.

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 US$9.67 billion (N3.51 trillion), compared to US$9.23 billion (N3.35 trillion) as at December 2018.

UBA’s growth trajectory underscores the Pan African’s institutions market share gain.

UBA has aggressively sought to win more customers through its revitalized customer service culture coupled with innovative digital banking offerings.

The bank’s Shareholders’ Funds remained strong at US$1.5billion (N542.5 billion), reflecting its strong capacity for internal capital generation.

In line with its long standing custom, UBA’s Board of Directors the institution announced an interim dividend of US$0.55 (N0.20) of every 1000every ordinary shares held by its shareholders.

UBA has been operating in Africa for over 70 years. It currently has a foot print in 18 African Countries.

It also has branches in the United States and in the United Kingdom.