UBA's half-year profit tops N70 billion on growth in key revenue streams
United Bank for Africa (UBA) generated a stronger result of N70.3 billion for the first half of the year, with improved cash generated from interest, especially to thank them, as well as those from other key revenue streams.< /p>
The audited financial report from Nigeria's fourth largest lender released on Thursday shows gross revenue totaled N375.8 billion, meaning revenue was up 18.9% from the figure recorded a year ago earlier.
Thursday, interest in UBA shares was at its highest level since at least August 26, with the stock trading at 67.8 million units after the release of financial statements and the announcement that the company would pay an interim dividend of 0.20 naira followed.< /p>
This equates to a payout of over N6.8 billion.
This sentiment sent the share price up 1.4% to 7.30 naira at market close.
UBA CEO Oliver AlawubaRising 30.1% to N96.4 billion, fees and commissions have seen their growth anchored on the improvement of credit - the associated fees and commissions, themselves multiplied by more than two.
Other operating expenses, at N96.7 billion, were up 22.6% year-on-year which, combined with cost pressures, limited limited net profit to grow at the same rate than income.
The pan-African lender incurred a 258% higher impairment charge this time around than a year ago as it was forced to affect N11.8 billion of its revenue to cover loans that are unlikely to be repaid by borrowers.
Pre-tax profit increased by 12.6% to N85.7 billion; 16.1% after-tax profit to N70.3 billion.
UBA's outstanding shares stand at 34.2 billion, while its market value as of Thursday was 249.7 billion naira.
Its total assets during the reporting period increased from N8.5 trillion to N9 trillion.
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United Bank for Africa (UBA) generated a stronger result of N70.3 billion for the first half of the year, with improved cash generated from interest, especially to thank them, as well as those from other key revenue streams.< /p>
The audited financial report from Nigeria's fourth largest lender released on Thursday shows gross revenue totaled N375.8 billion, meaning revenue was up 18.9% from the figure recorded a year ago earlier.
Thursday, interest in UBA shares was at its highest level since at least August 26, with the stock trading at 67.8 million units after the release of financial statements and the announcement that the company would pay an interim dividend of 0.20 naira followed.< /p>
This equates to a payout of over N6.8 billion.
This sentiment sent the share price up 1.4% to 7.30 naira at market close.
UBA CEO Oliver AlawubaRising 30.1% to N96.4 billion, fees and commissions have seen their growth anchored on the improvement of credit - the associated fees and commissions, themselves multiplied by more than two.
Other operating expenses, at N96.7 billion, were up 22.6% year-on-year which, combined with cost pressures, limited limited net profit to grow at the same rate than income.
The pan-African lender incurred a 258% higher impairment charge this time around than a year ago as it was forced to affect N11.8 billion of its revenue to cover loans that are unlikely to be repaid by borrowers.
Pre-tax profit increased by 12.6% to N85.7 billion; 16.1% after-tax profit to N70.3 billion.
UBA's outstanding shares stand at 34.2 billion, while its market value as of Thursday was 249.7 billion naira.
Its total assets during the reporting period increased from N8.5 trillion to N9 trillion.
Continue Reading
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.
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