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Home Opinions Blurb

UBA Plc Is Back To Profitability – Post Impressive N51.4billion PAT!!

Ugodre Obi-chukwubyUgodre Obi-chukwu
10 years ago
in Blurb
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UBA Plc finally released its 2012 audited accounts with profits after tax of N51.4billion. This ensures the bank is back to profitability after  a whopping loss of N26.6billion a year earlier. The bank’s net interest income rose 34% to N91billion and income from commission and fees (including other operating income) rose 21% to N61.4billion. Total operating income also rose 94% toN154.6billion.

Key Highlights

  • The bank is yet to release its annual report so details about the earnings are limited

  • However, Net Interest margin remained flat at 61% and was below the above 70% posted by the likes of Zenith First Bank and UBA

  • UBA’s Net Interest income is the 6th largest in the banking industry this year.

  • The N61billion made in commission and fees is one of the highest in the industry 

  • The banks loan losses reduced drastically by 87% to N4.5billion. It was N37billion a year last year. It is also less industry average of N14billion

  • The banks operating expenses remained flat during the year boosting efficiency in operating profits

  • The Bank Generated N256.2billion in cash from operations during the period

  • The banks deposits rose 21% to N1.7trillion and only Zenith Bank, First Bank and ETI is higher

  • Return on Equity was an impressive 30% and to the peak of this result. Only GTB did better amongst its peers at the top with 33%.

  • The bank also paid minimal tax equal to 1% of pre-tax profits. That is quite surprising considering it is a Holdco. I believe they must have enjoyed some relief from losses carried forward

  • The banks retained earnings is now N50billion a 212% rise from 2011. Profit from discontinued operations of N3.289billion pushed Profit for the year to N54.7billion

  • Earnings per share was N1.77 and dividend proposed is 50kobo representing a yield of about 6.5%

  • Share price rose 2% to N7.64 at the time I wrote this blog. The share price is currently 4.32x its earnings (4.32x P.E ratio)

UBA PLC 2012 FY SNAPSHOT

UBA Plc 2012 Audited Accounts was posted on the website of the NSE

Tags: EARNINGS REPORTNigerian Company ResultsUBA
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

Comments 2

  1. ugodre says:
    May 10, 2013 at 1:22 pm

    UBA PLC IS BACK TO PROFITABILITY – POST IMPRESSIVE N51.4BILLION PAT!! | Ugometrics https://t.co/gLJv9U2oPx #UGOMETRICS

    Reply
  2. VicksRoyale says:
    May 11, 2013 at 11:32 am

    RT @ugodre: UBA PLC IS BACK TO PROFITABILITY – POST IMPRESSIVE N51.4BILLION PAT!! https://t.co/A95RqgmZRX #UGOMETRICSBLOG

    Reply

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