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UBA’s Profit After Tax Declines to N44.43 Billion in Q2 2020

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UBA Insider dealings

UBA Posts N44.43 Billion Profit After Tax in Q2 2020

The United Bank for Africa (UBA) Plc reported a decline in profit after tax for the second quarter of 2020.

The lender interest income rose from N204.885 billion posted in the second quarter of 2019 to N205.586 billion in the second quarter of 2020.

UBA grew net interest income to N119.32 billion in the period under review, up from N110.123 billion posted in the corresponding period of 2019.

Net income after impairment on financial and non-financial assets increased from N107.003 billion in the same period of 2019 to N111.517 billion.

The bank generated N55.868 billion in fees and commission income and incurred N17.582 billion fees and commission expenses in the second quarter of 2020, against fees and commission income of N52.344 billion and N16.289 billion spent as fees and commission expense in the corresponding period of 2019

Therefore, net fee and commission income stood at N38.582 billion in the second quarter of 2020, up from N36.055 billion filed in the second quarter of 2019.

Despite COVID-19 lockdown, UBA’s employee benefit expenses surged from N37.178 billion filed in the same period of 2019 to N44.565 billion in the second quarter of 2020.

Similarly, other operating expenses grew from N63.597 billion in the second quarter of 2019 to N77.971 billion in the second quarter (Q2) of 2020.

Total profit before income and tax stood at N57.129 billion, down from N70.274 billion achieved in Q2 2019.

Profit after tax declined from N56.739 billion posted in the Q2 2019 to N44.431 billion.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Stanbic IBTC Obtains Approvals, License to Establish Life Insurance Subsidiary

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stanbic IBTC Insurance

Stanbic IBTC Holdings Plc on Friday announced that it has obtained all required Regulatory Approvals and a license from the National Insurance Commission to establish a wholly-owned Life Insurance subsidiary, Stanbic IBTC Insurance Limited (SIIL).

In a statement signed by Chidi Okezi, Company Secretary, Stanbic IBTC and released on Friday, the bank said “The establishment of this new subsidiary essentially complements the bouquet of product offerings by Stanbic IBTC as it continues its goal of being the leading end-to-end financial solutions provider in Nigeria. In this regard, SIIL will aim to facilitate long term insurance for already financially included individuals and will seek to become the preferred Insurer in the Life Insurance Business.

“Stanbic IBTC Holdings PLC, a member of Standard Bank Group, is a full-service financial services group with a clear focus on three main business pillars – Corporate and Investment Banking, Personal and Business Banking and Wealth Management. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade deals between Africa, China and select emerging markets. Standard Bank Group is the largest African financial institution by assets. It is rooted in Africa with strategic representation in 21 countries on the African continent.

“Standard Bank has been in operation for over 158 years and is focused on building first-class, on-the-ground financial services institutions in chosen countries in Africa; and connecting selected emerging markets to Africa by applying sector expertise, particularly in natural resources, power and infrastructure.”

 

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World Bank to Discuss New $1.5 Billion Loan Request From Nigeria

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Zainab Ahmed

The Finance Minister, Budget and National Planning, Mrs. Zainab Ahmed, on Friday said the Federal Government has met all the conditions for a fresh loan of $1.5 billion from the World Bank.

The minister disclosed this on Bloomberg TV.

She said the multilateral financial institution is in the final stage of approving the loan. The minister explained that the loan will be discussed in the bank’s next meeting and possibly be approved in the same meeting.

In June, the Senate approved the borrowing plans but the World Bank pushed back demanding Nigeria fulfill the conditions attached to the $3.4 billion loan received from the International Monetary Fund (IMF) in May.

Some of the conditions were to increase revenue generation by upping VAT, the introduction of tariff reflective electricity bill, the removal of subsidy and the unification of the nation’s foreign exchange.

Most of which the Federal Government has done despite protests from most Nigerians who called the new policies anti-people given their current situation.

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Finance

Nigeria Realises Over N400 Billion from Company Income Tax in the Third Quarter of 2020

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tax relief

The Federal Government realised N416.01 billion from Company Income Tax (CIT) in the third quarter of the year, according to the latest report from the National Bureau of Statistics (NBS).

This was 3.48 percent higher than the N402.03 billion generated in the second quarter of the year and represents a decline of 20.13 percent year-on-year from N520.89 billion realised in the third quarter of 2019.

A breakdown of the report showed the professional services sector including the telecoms generated the highest amount of CIT at N55.52 billion during the quarter, while the manufacturing sector followed with N42.03 billion.

The banking and financial institutions realised N24.05 billion while the mining generated the least and closely followed by Textile and Garment Industry and Local Government Councils with N120.93 million, N167.51 million and N321.72 million generated, respectively.

The report added that out of the total amount realised during the quarter under review, a sum of N244.70 billion was generated as CIT locally. The federal government collected N70.34 billion as foreign CIT payment and the remain N100.97 billion was received as CIT from other payments.

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