UBA grows gross earnings by 16%

UBA grows gross earnings by 16%

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United Bank for Africa Plc has said its gross earnings rose by 16 per cent in the second quarter of 2018 financial period.

According to a statement from the bank on Wednesday, its second quarter performance showed strong growth across key performance metrics as well as a significant contribution from its African subsidiaries

It stated, “Despite declining yield environment in two core markets, Nigeria and Ghana, the pan African financial institution delivered double-digit growth in gross earnings, as it recorded a 16 per cent year-on-year rise in top-line to N258bn, compared to N223bn recorded in the corresponding period of 2017. 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 at the Nigerian Stock Exchange on Wednesday, UBA, reported strong growth in operating income at N168.5bn, compared to N161.8bn in the first half of 2017, an increase of 4.1 per cent.

It added that notwithstanding the inflation-induced cost pressure in the period, UBA finished the first half of the year strongly, with a profit before tax of N58.1bn.

The bank said the profit after tax also improved to N43.8bn, a 3.4 per cent 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 per cent and 17 per cent respectively.

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