UBA Profit Rises 40% As Half Year Earnings Hits N167 Billion, Declares 20 Kobo Interim Dividend

Its a good time for Pan-African financial services group, United Bank for Africa Plc (UBA), has the company announced its audited 2015 half year financial results.

The results showed strong growth in earnings and profits, as the Bank continued to benefit from its determination to provide value to its large customer base in Nigeria, its increasingly important pan African network, now contributing over 23% of profit after tax and its prudent management of costs and risk. In a time of increased economic challenge, the Bank has continued to extend loans to Nigeria and to support domestic Nigerian businesses.

In line with best practice in corporate governance, UBA has elected to have its half year results audited, before its release to the Nigerian Stock Exchange yesterday.

UBA’s earnings grew strongly by 21% to N166.9 billion during the period, compared to N138.2 billion in the same period of June 2014. The Bank’s profit before tax (PBT) also rose 35.1% to N39.0 billion, while profit after tax (PAT) was up a significant 40% to N32 billion within the same period. As a reward to shareholders, the Bank has announced the payment of an interim dividend of 20 kobo per share.

Speaking on the results, Phillips Oduoza, Group Managing Director/CEO 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”.