UBA Announces Profit After Tax of 43.8 Billion in Q2

• UBA Announces Profit After Tax of 43.8 Billion in Q2

United Bank for Africa on Wednesday announced its audited financial results for the first half of 2018.

According to the report released through the Nigerian Stock Exchange, operating income rose from N161.8 billion recorded in the first half of 2017 to N168.5 billion in the first half of 2018.

Profit after tax rose from N42.3 billion in H1 2017 to N43.8 billion in H1 2018. Representing an increase of 3.4 percent. Profit before tax stood at N58.1 billion.

During the first half of the year, UBA’s total asset rose by 4.9 percent to N4.27 trillion, while Customer Deposits climbed by 6.1 percent to N2.90 trillion.

The lender declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held on the qualification date, Wednesday, September 05, 2018.

Speaking on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Kennedy Uzoka, “Our performance in the first half the year reflects the resilience of our business model and strategies. Despite declining yields in two core markets, Nigeria and Ghana, we delivered double digit growth in gross earnings. Our performance demonstrates the success of our digital banking initiatives and broader Customer-First strategies”

“We are integrating banking to our customers’ lifestyle, simplifying processes for routine transactions and driving financial inclusion by making banking services accessible and affordable. We are creating opportunities for wealth creation and economic progress, as we empower our customers through innovative platforms and solutions that support their personal and business growth. Our commitment to delivering excellent service is paying-off, as we increasingly win a bigger share of customers’ wallet across our chosen markets. We won the highly coveted “Africa’s Best Digital Bank” Award by Euromoney, demonstrating our pioneering initiatives are being recognised with Leo, our digital banker having been name checked by Mark Zuckerberg,” Mr Uzoka said.

“Our enhanced asset-liability management strategies improved asset yield and grew interest income by 21 per cent despite prevailing yield environment. Our re-engineered sales structure provided the impetus for renewed retail deposit growth. I am particularly pleased by the 24 per cent year-to-date growth in retail savings and current account deposits, underpining the increasing penetration of our digital offerings and the Group’s overarching goal of democratizing banking across Africa. We improved net interest margin to 7.4 per cent in line with our 2018 target, notwithstanding strong competition for wholesale deposits and the impact of rising global interest rates on our foreign currency funding,” he concluded