A Review of the Nigerian Energy Industry

UBA records 40% rise in half year profit

05 September 2015, Lagos – The United Bank for Africa Plc (UBA) has announced its audited 2015 half year financial results.

UBAThe results showed that the pan-African bank’s profit before tax (PBT) rose by 35.1 per cent to N39 billion, while its profit after tax (PAT) was up by 40  per cent to N32 billion within the same period.

UBA’s gross earnings also climbed by 21 per cent to N166.9 billion during the period, compared to the N138.2 billion realised in the same period of June 2014. As a reward to shareholders, the bank has announced the payment of an interim dividend of 20 kobo per share.
The results made available on the floor of the Nigerian Stock Exchange (NSE), indicated that the benefited from its determination to provide value to its large customer base in Nigeria and its increasingly important pan African network which now contributes over 23 per cent of profit after tax.

Speaking on the results, the bank’s Group Managing Director/Chief Executive Officer, Phillips Oduoza said: “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.”

“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 on-going process optimisation. 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.”
Also, the Group Chief Financial Officer (CFO), UBA, 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.”



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