UBA consolidates with strong Q1’13 results

The impressive performance by the United Bank for Africa Plc full year 2012, continued into first quarter of 2013 with the bank recording a profit after tax of N15.6billion for the first quarter ended March 31, 2013. This represents an increase of 19.1 percent over the N13.1billion in the corresponding period of 2012.

The Bank in its unaudited financial statement filed with Nigerian Stock Exchange on Monday also recorded a Profit Before Tax of N17.2billion in Q1 2013, showing an increase of 12.4 percent, compared with N15.3billion achieved in Q1of 2012.

In other details Total Comprehensive Income attributable to equity holders increased by 32.5 percent to N16.3billion, compared with N12.3billion in 2012. Gross earnings grew by 19.8 percent, representing approximately N10.4billion additional revenue to the bank whilst Total deposits improved by 13.5 percent from N1.777trilion in FY 2012 to N2.017trillion in Q1 2013.

Phillips Oduoza, Group managing Director/CEO, UBA Plc said, “The first quarter was an excellent start to the year for UBA, with earnings and growth across our Nigeria and Africa businesses. Our focus will be maintained throughout 2013 with a goal of maximizing value across our businesses”.

Further highlights of the results show that Total Assets grew by 7.1 percent to N2.434 trillion in Q1 2013, compared with N2.272 trillion in 2012. Total Liabilities was N2.225 trillion in 2013, compared with N2.080 trillion during the corresponding period of 2012, an increase of 6.9 percent. In the same vein, Total Equity grew by 8.8 percent to N209.4billion, compared with N192.5billion in Q1 2012.

“Our earnings provide tangible evidence that the course we have charted for UBA is the right one. We are pursuing market share growth in every region of Nigeria and Africa . We are optimistic that the process of regulatory reform will lead to a more competitive market for all participants, and in this context, we see emerging opportunities to fundamentally improve our market positioning. We will continue to strategically invest in our businesses, manage our expense and leverage our competitive advantage in service and convenience to win customers and take market share” said Oduoza