UBA records 40% rise in profit, N167b half–year earnings
·Declares 20 kobo interim dividend
UNITED Bank for Africa Plc, recorded N166.9 billion turnover in the first six months of the year, a 21 per cent rise over N138.2 billion achieved during the same period last year.
In 2015 half year financial results results released in Lagos yesterday, the bank’s profit before tax also rose by by 35 per cent to N39.0 billion, while profit after tax was up by 40 per cent to N32 billion within the same period.
Besides, the bank’s net operating income rose by 21 per cent to N108.7 billion in June 2015, compared to N90 billion in the comparable period of 2014.
As a reward to shareholders, the bank has announced the payment of an interim dividend of 20 kobo per share.
Speaking on the results, the Group Managing Director/Chief Executive Officer, Phillips Oduoza, said that “in spite of a challenging operating environment, our business strategy has proved to be resilient, balancing prudence, with an ability to significantly grow bottom line and continue to focus on operating effectiveness.
“We look forward to continuing to support our customers and working with them to achieve financial success for them and the wider Nigerian and African economies”.
He added: “We delivered strong growth of 21 per cent in gross earnings and 40 per cent in profit after tax, reflecting better extraction of value across all business segments and our ongoing process optimization.
“It was also satisfying to see our cost-to-income ratio decline further. We understand that many in Nigeria are facing difficult economic circumstances and we are very much shouldering our responsibility to support and grow wealth creation”.
Speaking on the performance of the bank’s African subsidiaries, Group Chief Financial Officer, Ugo Nwaghodoh said: “Our business in Africa (ex-Nigeria) is beginning to significantly impact our returns, contributing 23 per cent of profit after tax, with an even stronger outlook”.
He also disclosed that recent initiatives taken by the bank to improve operational efficiencies “are yielding positive results, thus reinforcing our optimism on the future of UBA’s African business”.