Africa’s leading financial institution, United Bank
for Africa Plc has announced its audited half year financial results for the
period ended June 2019, showing impressive growth across key performance
indices as well as a significant contribution from its African subsidiaries.
In spite of the increasingly unpredictable environment
witnessed in some of its countries of operations, the pan African financial
institution delivered double digit growth in its profit before tax as it rose
by 21 per cent to N70.3bn for the half year to June 2019, up from N58.1bn
recorded in the similar period of 2018, just as the Profit after Tax also
improved to N56.7 billion, a 29.6 percent growth compared to N43.8 billion
achieved in the corresponding period of 2018. The profit for the first half of
the year, translated to an annualised return on average equity of 21.7 per
According to its results filed with the Nigerian Stock
Exchange, UBA recorded a 14 percent year-on-year rise in top-line, with gross
earnings of N293.7 billion, compared to N257.9 billion recorded in the
corresponding period of 2018. Analysts say that this result emphasises the
capacity of the Group to deliver a strong performance through economic cycles
in spite of the overall challenging business environment.
As at 30 June 2019, the Bank’s Total Assets grew by
4.8% crossing the N5 trillion mark to N5.10 trillion. Customer Deposits also
rose by 4.8 per cent to N3.51 trillion, compared to N3.35 trillion as at
December 2018. This growth trajectory underscores UBA’s market share gain, as
it increasingly wins customers through its revitalized customer service culture
coupled with innovative digital banking offerings. The bank’s Shareholders’
Funds remained strong at N542.5 billion, reflecting its strong capacity for
internal capital generation.
In line with its culture of paying both interim and
final cash dividend, the Board of Directors of UBA Plc declared an interim
dividend of N0.20 per share for every ordinary share of N0.50 each held by its
Commenting on the results, the Group Managing
Director/CEO, United Bank for Africa Plc (UBA), Mr. Kennedy Uzoka said: “I
am pleased with the half performance of the Group, having delivered 14% growth
in gross earnings and 21% growth in profit before tax. Despite the subdued
yield environment in some of our large markets, we achieved a 9% growth in
interest income and defended the net interest margin. We also achieved a 39%
growth in our electronic banking revenues, as we broaden and deepened our digital
banking play across Africa. Revenues from our remittance and funds transfer
businesses grew 69% and 53% respectively. All these factors attest to the
efficacy of our strategies and the resilience of our business model.”
He further stated “I am very optimistic that the
ongoing Group-wide transformation program, will in the quarters ahead, enable
the Bank deliver substantial operational efficiencies and best-in-class
customer service, which will ultimately boost earnings. We sustained our asset
quality with the NPL ratio down to 5.62%, from 6.45% as at 2018FY. We will
continue to adopt best practice standards to grow and manage the portfolio in
the quarters ahead.”
Also speaking on UBA’s results, the Group CFO, Ugo
Nwaghodoh said; “We had a strong start in the year given the prevailing
macroeconomic environment across our various markets.  There is better
diversification in profit contribution as our banking subsidiaries across
Africa contributed 38% of the profit before tax, whilst our recently
repositioned UK business contributed 4%. We expect this dispersion to continue,
as the subsidiaries consolidate on their share of the various markets.”
“I am particularly delighted that the key ratios are
trending in the right direction. The net interest margin is trending upwards
and will continue to improve as we responsibly grow the risk asset portfolio
and realign the funding mix to lower our cost of funds. The cost-to-income
ratio trended down to 60% with our focus on balance sheet and operational
efficiencies which should enable us deliver our medium term CIR target. Capital
adequacy ratio increased to 28% from 23.6% in December 2018, providing  a
very strong buffer for asset growth,” he stated.
United Bank for Africa, Africa’s global bank, was
founded 70 years ago in Nigeria and today, operates in 20 African countries and
in the United Kingdom, the USA and with presence in France. UBA serves over 17
million customers across the globe with more than 1000 branches and touch
points. In 2018, the bank received the award of Africa’s Best Digital Bank by
the Banker’s magazine.



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