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UBA Capital reports N890.3m Q1 earnings as PBT grows by 211%


UBA Capital Plc tripled its gross earnings to N890.3 million in the first quarter of the year (Q1 2013) from N302.4million in same period of 2012, the company’s unaudited financial statement filed with the Nigerian Stock Exchange (NSE) last week Wednesday showed.

Likewise, the company grew its Profit before Tax to N617 million, translating to 211 percent growth when compared to N198 million achieved in the corresponding period of 2012.

Some key highlights of the result showed fees and commission income of N302 million up 646 percent (against the corresponding quarter in 2012 at N40.5 million).

Investment income grew by 466 percent to N374 million (against 2012 level of N66.1 million); while cost-to-income ratio dropped to 31 percent against (against March 2012 level at 34percent).

Speaking on the result, Rasheed Olaoluwa, the Group CEO, UBA Capital Plc, said “I am pleased to present this set of strong growth numbers, which reinforces our commitment and potential to deliver competitive returns to our shareholders. Notably, the Group’s performance reflects the improved service delivery across all our strategic business units.”

According to Olaoluwa, “Our Trustee business remains a dominant player in its niche, with continuous investment in infrastructure and people to ensure the best experience for our clients. Our Investment Banking business is growing fast, as we position the business to take advantage of opportunities in the Power, Oil & Gas and Infrastructure sectors of the economy.”

The group CEO further said: “As we deepen our relationship and value proposition to our investment banking clientele, we are increasingly harvesting returns. We will carefully invest in our people and technology to drive the Securities Trading business, especially as investor confidence improves. As we refocus our Asset and Wealth Management business, we see significant headroom for growth in our mutual funds and overall Assets Under Management”.

“We will not relent on our dedicated focus on staff training and development, as we believe we are in a knowledge business. Interestingly, our work environment is increasingly attracting new talents, thus enriching our pool of knowledge base and competitive advantage in the market. As we build on our innovative delivery of value to our clients, we will sustain our impressive performance through the year,” Olaoluwa stated.