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Home Markets Equities Company Results

UBA Delivers 21% Growth in Profit, 21.7% Return on Average Equity, Declares N0.20 Interim Dividend:

NM Partners by NM Partners
August 30, 2019
in Company Results, Corporate Updates
UBA H1 Result
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Africa’s leading financial institution, United Bank for Africa Plc (UBA) has announced its audited half-year financial results for the period ended June 2019, showing impressive growth across key performance indices as well as a significant contribution from its African subsidiaries.

In spite of the increasingly unpredictable environment witnessed in some of its countries of operations, the pan African financial institution delivered double-digit growth in its profit before tax as it rose by 21% to N70.3 billion for the half-year to June 2019, up from N58.1bn recorded in the similar period of 2018, just as the Profit after Tax also improved to N56.7 billion, a 29.6% growth compared to N43.8 billion achieved in the corresponding period of 2018. The profit for the first half of the year, translated to an annualised return on average equity of 21.7%.

According to its results filed with the Nigerian Stock Exchange, UBA recorded a 14% year-on-year rise in top-line, with gross earnings of N293.7 billion, compared to N257.9 billion recorded in the corresponding period of 2018. Analysts say that this performance emphasises the capacity of the Group to deliver strong performance through economic cycles in spite of the overall challenging business environment.

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As at 30 June 2019, the Bank’s Total Assets grew by 4.8% crossing the N5 trillion mark to N5.10 trillion. Customer Deposits also rose by 4.8% to N3.51 trillion, compared to N3.35 trillion as at December 2018. This growth trajectory underscores UBA’s market share gain, as it increasingly wins customers through its revitalized customer service culture coupled with innovative digital banking offerings. The bank’s Shareholders’ Funds remained strong at N542.5 billion, reflecting its strong capacity for internal capital generation.

In line with its culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held by its shareholders.

UBA House

Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said:  “I am pleased with the half performance of the Group, having delivered 14% growth in gross earnings and 21% growth in profit before tax. Despite the subdued yield environment in some of our large markets, we achieved a 9% growth in interest income and defended the net interest margin. We also achieved a 39% growth in our electronic banking revenues, as we broaden and deepened our digital banking play across Africa. Revenues from our remittance and funds transfer businesses grew 69% and 53% respectively. All these factors attest to the efficacy of our strategies and the resilience of our business model.”

He further stated, “I am very optimistic that the ongoing Group-wide transformation program, will in the quarters ahead, enable the Bank deliver substantial operational efficiencies and best-in-class customer service, which will ultimately boost earnings. We sustained our asset quality with the NPL ratio down to 5.62%, from 6.45% as at 2018FY. We will continue to adopt best practice standards to grow and manage the portfolio in the quarters ahead.”

Also speaking on UBA’s results, the Group CFO, Ugo Nwaghodoh said, “We had a strong start in the year given the prevailing macroeconomic environment across our various markets.  There is better diversification in profit contribution as our banking subsidiaries across Africa contributed 38% of the profit before tax, whilst our recently repositioned UK business contributed 4%. We expect this dispersion to continue, as the subsidiaries consolidate on their share of the various markets.

“I am particularly delighted that the key ratios are trending in the right direction. The net interest margin is trending upwards and will continue to improve as we responsibly grow the risk asset portfolio and realign the funding mix to lower our cost of funds. The cost-to-income ratio trended down to 60% with our focus on balance sheet and operational efficiencies which should enable us to deliver our medium-term CIR target. Capital adequacy ratio increased to 28% from 23.6% in December 2018, providing a very strong buffer for asset growth,” he stated.

United Bank for Africa, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France. UBA serves over 17 million customers across the globe with more than 1000 branches and touchpoints. In 2018, the bank received the award of Africa’s Best Digital Bank by the Banker’s magazine.

[READ ALSO: UBAmarketplace 2019 puts Abuja on lockdown with SME exhibitions, Movies, Fashion and Shopping]


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NM Partners

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First Bank Adesola Adeduntan, Global transactions get easier with Firstbank’s Card Offerings, FBNQuest Trustees Marks 40th Anniversary of preserving legacies in Nigeria, Ellah Lakes Plc announces close period for H1 2019 results The Board of Directors of Ellah Lakes Plc has announced that the company would be meeting on the 22nd October 2019 to consider, among other matters, the audited financial statements of the Company for the financial year ended 31 July, 2019. The Company also announced the commencement of a closed period with effect from 7 October 2019, until 24 hours after the Company’s Audited Financial Statements is filed with The Exchange. Top executives, directors, advisers, and many others at Ellah Lakes Plc have been barred from trading in the company’s shares ahead of the meeting of board of directors of Ellah Lakes. This was disclosed in a notification which was sent to the Nigerian Stock Exchange (NSE). https://www.nse.com.ng/Financial_NewsDocs/27720_ELLAH_LAKES_PLC._CORPORATE_ACTIONS_OCTOBER_2019.pdf The announcement is in line with rule 17.18 of Part 2 (Issuer’s Rules) of the NSE’s Rule Book (2015) which states that, “The period of closure shall be effective from fifteen (15) days prior to the date of any meeting of the Board of Directors proposed to be held to consider any of the matters referred to above or the date of circulation of agenda papers pertaining to any of the matters referred to above, whichever is earlier, up to twenty-four hours after the price-sensitive information is submitted to the Exchange. The trading window shall thereafter be opened. Every issuer shall notify the Exchange in advance of the commencement of each closed period.” Why this matters: The close period will allow the board to consider the company’s unaudited financial statements for the third quarter. Other company issues will also be discussed during the meeting of the Board of Directors. What is a close period? A close period is a period before the release of a company’s result or financial statement when of course, those with sensitive information are not allowed to trade on the stock. These individuals may include company directors, audit committee members, persons discharging managerial responsibility, employees and consultants with sensitive information. About the company: Ellah Lakes Plc is a fish farming company., FBN processed 237 million transactions in two weeks, amid COVID-19 lockdown, First Bank Holdings declares a Profit after Tax of N26 billion in Q1 2020

Adeduntan: FirstBank is reducing poverty, deepening financial inclusion through its 31,000 agent network

Comments 5

  1. Anonymous says:
    August 31, 2019 at 7:54 am

    Help your staffs donot just come out to declare profits, your staffs are suffering, underpaid, overworked yet subjected to act happy… (Train your staff and they will leave you, motivate your staff and they will be loyal to you. Remember some of your employees pend their dreams to work for you).

    Reply
  2. Olakunle Marshall says:
    August 31, 2019 at 7:57 am

    Help your low cader staffs too and not sharing the money amongst managements, remember they are the ones working tiredlessly to achieve these figures

    Reply
  3. Michael says:
    August 31, 2019 at 2:04 pm

    Great news.

    Reply
  4. Jesus Boy says:
    September 2, 2019 at 12:21 pm

    Cool result,
    The dividend policy reflect the company’s concern for shareholders

    Reply
  5. Waheed Lawal says:
    September 12, 2019 at 6:34 pm

    The bank is not operating a retail service in the USA. Being to their office in the Rockefeller Centre in Manhattan there is nothing like banking. You can communicate with the staff only after several calls and they will ask for SS#. No one is ready to give his SS# to faceless banker.

    Reply

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