United bank of Africa plc ( UBA ) in its financial report for the first quarter of 2017 recorded NGN101.2 billion gross earnings compared to NGN71.6 billion recorded same period 2016.
Its interest income was NGN76.7 billion against NGN53.8 billion recorded in 2016.
After deducting its interest expense of NGN25.1 billion against NGN20.5 billion recorded in 2016, kits net interest income rose to NGN51.5 billion compared to NGN33.2 billion recorded in 2016.While its operating income was NGN72.5 billion against NGN50.7 billion recorded in 2016.
The bank said its profit before tax was NGN25.4 billion for the period in review against NGN18.0 billion recorded in 2016.
After settling its tax for the period, the bank’s profit for the period stood at NGN22.3 billion in contrast to NGN16.9 billion recorded in the previous year, which represents 32% increase year on year comparison.
UBA recorded 3.6 trillion assets in 2017 against NGN3.5 trillion recorded in fiscal year 2016 while its total liabilities was NGN3.1 billion against 3.0 trillion recorded in the year before.
On the overall, impairments is still a problem, net impairment loss on loans and receivables rose to NGN3,1 billion compared to NGN527 million in the previous year. The bank’s will need to do more to recover more of its funds trapped outside.
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Company Information
United Bank for Africa (UBA) Plc is one of Africa’s largest financial institutions with operations in 19 African countries and 3 global financial centers; New York, London and Paris. UBA has more than eight million customers and 700 business offices globally.
UBA has been operating in Africa since 1949, referred to then as the British and French Bank Limited (BFB). It took over the assets and liabilities of BFB and was incorporated as a limited liability company on 23 February 1961 under the Compliance Ordinance (Cap 37) 1922.
In 2005, it completed one of the biggest mergers in the history of Nigeria’s capital markets with the business combination with Standard Trust Bank (STB) Plc. From then, it continued to expand to Ghana, Benin Republic, Côte d’Ivoire, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal, Congo DR and Congo Brazzaville. UBA is listed on the Nigerian Stock Exchange, where it is publicly traded under the symbol “UBA”
