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UBA Reports N24.9b Profit for Q3, 2019

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  • UBA Reports N24.9b Profit for Q3, 2019

The United Bank for Africa (UBA) Plc, one of Nigeria’s leading financial institutions, grew its profit by 28.05 percent for the period ended September 30, 2019.

In the financial statements released through the Nigerian Stock Exchange (NSE) on Monday, the lender grew profit for the period from N17.906 billion recorded in the same period of 2018 to N24.888 billion in the third quarter (Q3) of 2019.

Profit was aided by 18.79 percent jump in net interest income from N39.622 billion reported in the corresponding quarter of 2018 to N48.791 billion in Q3, 2019.

Similarly, non-interest income inched higher by 12.36 percent to N34.564 billion, up from N30.290 billion.

The lender grew operating income by 16.13 percent from N69.912 billion in the same period of 2018 to N83.355 billion in Q3, 2019.

Again, operating expenses surged by 12.8 percent during the quarter under review to N52.034 billion, up from N45.381 billion recorded in the same period of 2018.

While profit before income tax increased by 24.9 percent from N20.971 billion in Q3, 2018 to N27.959 billion in Q3, 2019.

The bank’s total assets grew from N4.86 trillion in the final quarter of 2018 to N4.96 trillion as at the end of Q3, 2019.

Accordingly, the bank’s liabilities rose from N4.37 trillion to N4.41 trillion while total equity as at the end of Q3, 2019 stood at N555.53 billion, up from N502.608 billion achieved in Q4, 2018.

Speaking on the performance, Mr. Kennedy Uzoka, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), said: “I am pleased with the half performance of the group, having delivered 14 per cent growth in gross earnings and 21 per cent growth in profit before tax. Despite the subdued yield environment in some of our large markets, we achieved a nine per cent growth in interest income and defended the net interest margin.

“We also achieved a 39 per cent 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 per cent and 53 per cent respectively. All these factors attest to the efficacy of our strategies and the resilience of our business model.”

The lender declared an interim dividend of N0.20 per share for every ordinary share of N0.50 each held by its shareholders.

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 long experience in the global financial market.

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Finance

Remove Face Mask When Using ATM, Banks Tell Customers

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Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

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Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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