UBA GROSS EARNINGS HITS N168BN IN Q3

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United Bank for Africa Plc (UBA) share price rose by 2.7 per cent as investors reacted positively to the sterling financial result for the third quarter (Q3) ended September 30, 2012 released by the bank Monday.
The share price appreciated by N0.15 to closed at N5.65 per share; on a bearish day in the market. The bank reported a profit before tax of N44.8 billion in the same period showing a jump of 376 per cent over the N9.4 billion recorded in the preceding period.
Profit after tax rose from N7.4 billion to N39.1 billion, while gross earnings grew to N168.2 billion in 2012 from N138.5 billion in 2011.
According to report, the bank’s total assets also improved by 11.1 per cent from N1.946 trillion 2011 to closed on N2.162 trillion in 2012 while operating expenses took opposite direction by 3.5 per cent negative sign, heighten the cost reduction initiatives adopted by the management since the beginning of the financial year led the bank to achieved 252.9 per cent growth in earnings per share from N0.34 in 2011 to N1.2 in 2012.
The total money deposits by customers also increased by 11.2 per cent to N1.674 trillion, from N1.505 trillion in the corresponding period of 2011. Loan-to-deposit ratio; capital adequacy ratio see considerable improvements, standing at 58.6 and 23.9 per cent respectively from 59.7 and 23.7 per cent in corresponding period of 2011.
The Group Managing Director/CEO, UBA Plc Mr. Phillips Oduoza said the management would continue to pursue unique strategy of maintaining diversified business in terms of geography and earnings mix. “In Nigeria, we recorded an impressive growth in deposits and still kept funding costs relatively low despite a spike in interest rates during the Q3”, he added.
“There are increased contributions across key financial parameters in our pan-African business noted that it remains committed to achieving its targets for 2012 and especially its long term aspirations,” Oduoza said.
The bank’s major indicators like Loan-to-Deposit Ratio and Capital Adequacy Ratio stood at 58.6 and 23.9 percents respectively in contrast to 59.7 and 23.7 percents in 2011’s Q3.
The UBA’s results were prepared according to the International Financial Reporting Standards (IFRS) specifications.


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