UBA released its 2013 FY results showing a 9.4% drop in profit after tax to N46billion. It’s a bit disappointing when you consider the fact that UBA’s gross earnings topped that of GT Bank but yet their profits are about half that of GTB. It’s important to note though that the drop in profits was essentially due to higher tax rate (17%) compared to 1% the year before. However, 2014 Q1 results recently released did see the Bank’s pre-tax profits drop 21% YoY.
Despite this UBA still has some good indices that portends value for the bank provided in can reign in on cost and try to be very efficient. It shows actually that the bank has gradually been growing profits over the years considering a tough 2010/2011. What do you make of them… see below?