Tony Elumelu's pan-African bank, UBA, recorded N43.8 billion profit in 6 months

United Bank for Africa Plc has posted a profit of N43.8 billion, representing a 3.4% growth compared to N42.3 billion achieved in the corresponding period of 2017.

According to the report filed at the Nigerian Stock Exchange on Wednesday, August 29, 2018, UBA reported growth in operating income at N168.5 billion, compared to N161.8 billion in the first half of 2017, an increase of 4.1%.

Kennedy Uzoka, the Group Managing Director/CEO, United Bank for Africa Plc (UBA), while commenting on the results, said, “Our performance in the first half the year reflects the resilience of our business model and strategies. Despite declining yields in two core markets, Nigeria and Ghana, we delivered double-digit growth in gross earnings. Our performance demonstrates the success of our digital banking initiatives and broader Customer-First strategies.”

“We are integrating banking to our customers’ lifestyle, simplifying processes for routine transactions and driving financial inclusion by making banking services accessible and affordable. We are creating opportunities for wealth creation and economic progress, as we empower our customers through innovative platforms and solutions that support their personal and business growth.”

Here are other highlights from the financial report:

- Profit before tax stood at N58.1 billion

- Net interest income and operating income grew by 9.6% and 4.1% respectively.

- E-banking income grew by 24%

- Foreign operations contributed 40% of the Group’s profit

- Loan book declined by 6.5% (due to prepayments from some customers in Nigeria and Ghana)

- Balance sheet grew by 5% in the first half of the year.

The bank in a statement said the second quarter performance showed strong growth across key performance metrics as well as a significant contribution from its African subsidiaries.

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