UBA Plc, yesterday, announced that its gross earnings grew by 16 percent to N258 billion for the audited 2018 half year financial results compared to N223 billion recorded in 2017. The bank also noted that it recorded growth across key performance metrics as well as a significant contribution from its African subsidiaries.
This performance, according to analysts, underscores the capacity of the Group to deliver strong performance through economic cycles, even in a challenging business environment. According to the report filed to the Nigerian Stock Exchange, NSE, the UBA reported strong growth in operating income at N168.5 billion, compared to N161.8 billion in the first half of 2017, an increase of 4.1 percent.
Notwithstanding the inflation-induced cost pressure in the period, UBA finished the first half of the year strongly, with a Profit Before Tax of N58.1billion. The Profit After Tax, PAT, also improved to N43.8 billion, a 3.4 percent growth compared to N42.3 billion achieved in the corresponding period of 2017. The first half of the year profit, translated to pre-tax and post-tax return on average equity of 23 percent and 17 percent respectively.
UBA’s foreign operations continue to grow in importance, contributing 40 percent of the Group’s profit, which according to analysts attests to the benefit of UBA’s pan-African strategy and reinforces the Bank’s objective of achieving 50 percent earnings contribution from offshore subsidiaries.
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