Nigeria: UBA Grows Earnings By 16% in 2018 Half Year Result

United Bank for Africa Plc has announced its audited 2018 half year financial results, showing strong growth across key performance metrics as well as a significant contribution from its African subsidiaries.

Despite declining yield environment in two core markets, Nigeria and Ghana, the pan Africa financial institution delivered double digit growth in gross earnings, as it recorded a 16 percent year-on-year rise in top-line to N258bn, compared to N223bn recorded in the corresponding period of 2017.

According to the report filed to the Nigerian Stock Exchange on Wednesday, UBA reported growth in operating income at N168.5bn, compared to N161.8bn in the first half of 2017, an increase of 4.1 percent. UBA also finished the first half of the year with a Profit Before Tax of N58.1bn. The Profit After Tax also improved to N43.8bn, a 3.4 percent growth compared to N42.3bn 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% and 17% respectively.

The Board of Directors of UBA Plc 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.

Commenting on the results, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said: "Our performance in the first half the year reflects the resilience of our business model and strategies.

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