UBA Plc released its Q3 earnings report and as expect followed with H1 results by improving on prior years results. Gross Revenue increased 21% to N168b compared to the N138.5b posted in the same period last year. Net Interest Income also rose 13.6% to N69.7b even as interest margin was 4% lower than posted last year. The bank’s N121.6b operating income includes about N52b of Non-Interest Income which is made up of commission and fees of about N35b. The Bank therefore posted an impressive operating profit of N44.6b, a 386% increase when compared to the same period last year. However, the reduction in loan losses contributed about 309% of that. Operating income of N121b, a 17% growth compared to the prior period reflects just that. Operating profit margin though within industry average is down 200 basis point from the 28.6% posted in H1 2012. All the same this seems an impressive result on the face of it.
UBA’s Q3 2012 unaudited results is posted on the website of the NSE
