In full attestation to the turnaround in its business performance, United Bank for Africa has recorded yet another superlative financial performance in the second quarter of 2012.
The bank which is reputed to be one of the largest financial services Groups in Africa with operations in 19 African countries and three global financial centers - London, Paris and New York, has posted a Profit Before Tax (PBT) of N31.842 billion for the half year ended June 30, 2012. The figure is an increase of 159 percent compared to N12.3 billion in the corresponding period of 2011.
Indeed, Profit after Tax (PBT) grew to N26.2 billion compared to N11 billion during the same period last year, an increase of 138.4 percent. Other details of the bank's un-audited second quarter results released to the Nigerian Stock Exchange (NSE) yesterday show that Gross Earnings rose by 21.6% from N91.3 billion in June 2011 to N111 billion in June 2012.
In the same vein, UBA posted an operating income of N80.567 billion, indicating an increase of 16.9 percent from N68.944 billion recorded in the same period of 2011.
Similarly, the bank's total assets grew by 5.1 percent from N1.946 trillion in 2011 to N2.044 trillion as at June 30, 2012. In addition, the Net Loan Portfolio increased to N734.4billion, compared with N690.4billion in June 2011, an increase of 6.4%.
Commenting on the result, the Group Managing Director and Chief Executive Officer, UBA, Plc, Mr. Phillips Oduoza, said "our expansion into Africa had reached a consolidation stage and the management of UBA had shifted its focus from expansion, to maximizing the investment in our unique footprint. What you have seen in the first half of the year, is a reflection of what our platform is capable of delivering".
A delighted Mr. Oduoza said further that the bank is pleased that despite the challenging environment, it is committed to delivering good returns to stakeholders. "Our ability to significantly and continuously grow profit and reduce costs is an indication of our promise and determination to deliver good returns to all stakeholders. Our focus remains on maximizing returns through our valuable branch network, continually re-engineering our product offerings and most importantly delivering consistent service quality to clients across the continent", Oduoza added.
UBA is a leading Pan African financial services Group with presence in 19 African countries, New York, London and Paris. Headquartered in Lagos, Nigeria, the Group provides universal banking services to diverse customer groups across Africa//end
Divisional Head, Marketing and Corporate Relations