UBA reports N106.8bn full year pretax profit

The United Bank of Africa (UBA) Plc has released its audited financial results for the year ended December 31, 2018.

The results at the Nigerian Stock Exchange show the bank proposed a final dividend of 65kobo making a total dividend of 85kobo for 2018 financial year end (interim: 20kobo).

Key highlights of the results show its gross earnings rose by 7.04percent, from N461.6billion in 2017 to N494billion. Impairment charges declined largely by 86.2percent, from N32.9billion in 2017 to N4.5billion in 2018 while net interest income reduced by 0.96percent.

Profit Before Tax (PBT) increased slightly by 1.9percent, from N104.2billion in 2017 to N106.8billion while profit after tax (PAT) was marginally up by 0.65percent at a record of N78billion against N77.6billion in 2017.

Total Asset of N4.869trillion against N4.069trillion in 2017 represents an increase of 19.67percent. The stock price decreased to N7.45 as at Friday March 15, 2019, from preceding day level of from N7.65, indicating a decline of 2.6percent and year-to-date (ytd) decline of 3.2percent.

A total of 5,808,823,752 units of UBA shares were traded on the Nigerian Stock Exchange in 2018, representing 17percent of the shares outstanding. The share price waned 25percent in the period, closing the year at N7.70 (from N10.30 as at January 1, 2018), reflecting the bearish performance of the Nigerian equity market, as signified by the approximately 18percent loss in the Nigerian Stock Exchange All Share Index (NSE ASI) during the year ended December 31, 2018.

IHEANYI NWACHUKWU

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.