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UBA’s profit for half year hits N8.6 billion

Category: Capital Market

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UBA’s profit for half year hits N8.6 billion

TUESDAY, 20 JULY 2010 

UBA Plc, in the aftermath of the recent banking reforms, has released the bank’s half-year trade financials at the Nigerian Stock Exchange over the weekend.According to a statement from the bank, UBA recorded a strong growth of 370 per cent in profit before tax and exceptional items, from N2.6 billion to N12.16 billion in the period ended June 30, 2010.

A further analysis of the result shows that pre-tax profit increased to N8.6 billion (N135 million in the corresponding period).The Group recorded a 12 per cent growth in balance sheet size to N2.5 trillion, driven largely by growth in customer deposit to N1.36 trillion. Also, loans and advances increased by 10 per cent as lending to corporate and retail customers continued. UBA’s liquidity ratio stood at 40 per cent (15 per cent above the regulatory minimum of 25 per cent).

Commenting on the result, the bank’s Executive Director-Finance, Mr. Emmanuel Nnorom said the performance trend would continue to improve in the coming periods.His optimism is predicated on a “number of initiatives” which are being implemented across the group.

According to him, the bank will continue to leverage its operations in 16 African countries, strong retail banking franchise, Group Shares Services, wide array of products, and treasury and liquidity management to grow the bottom-line.He emphasised that the bank will continue improvements in customer service and further grows lending to achieve the group’s corporate goals.

UBA currently operates in 16 countries, namely: Nigeria, Ghana, Uganda, Kenya, Tanzania, Cameroon, Côte d'Ivoire, Liberia, Sierra Leone, Senegal, Burkina Faso, Chad, Benin, Guinea, Kenya and Gabon together with presence in New York, London and Paris. “Our Pan -Africa strategy has continued to yield results, having contributed 10 per cent to group deposits and 11per cent to gross revenues,” he revealed.


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