By Precious Chimezie


United Bank for Africa (UBA) Plc has posted gross earnings to the tune of N222.7 billion, in its audited half year financial results ended June 30, 2017, as against N165.6 billion reported in June 2016 thus representing a 34.5 percent .

This impressive performance, which reflects the strong momentum of UBA’s business and its increasing share of customers’ wallet, was driven by the 44.3 per cent and 16.0 per cent growth in interest income and non-funded income respectively.

The group’s operating income stood at N161.8 billion (39.2 per cent growth), compared to N116.2 billion recorded in the corresponding period of 2016.

Notwithstanding the impact of naira devaluation and double digit inflation in Nigeria and a number of other African countries where the bank operates, the group managed through its cost lines to deliver a sterling profit before tax (PBT) of N57.5 billion (65.5 per cent growth) over N34.8 billion recorded in the corresponding period of June 2016.

Similarly, the Group recorded an unprecedented profit after tax (PAT) of N42.3 billion, translating to a 56.2 per cent growth over the N27.1 billion recorded in the half-year of 2016.

This profitability further reflects the earnings capacity of the Group and its capability to progressively deliver superior returns to shareholders.

While the group closed the half year with total assets of N3.69 trillion, a growth of 5.3 percent, it prudently grew gross loans to N1.6 trillion, a 4 per cent growth when compared to the group loan book as at December 31, 2016.

Reflecting a strong capacity for internal capital generation, the group’s shareholders’ fund grew by 8 percent to N483.1 billion, whilst it delivered an annualized 18.2 per cent return on average equity (RoAE) and an Interim Dividend of N0.20 per Share.

Commenting on the result, UBA’s group managing director and chief executive officer, Mr. Kennedy Uzoka, said the results demonstrated the bank’s strong momentum” as we deliver continuous improvement across our businesses and key performance metrics.”