United Bank for Africa (UBA) Plc, has announced its audited 2018 financial results with strong growth across major financial lines.
Details of the 2018 financials filed at the Nigerian Stock Exchange (NSE) recently, the bank’s gross earnings rose 7 per cent to N494 billion, compared to N461.6 billion recorded in the corresponding period of 2017. Its total assets also grew by 19.7 per cent to an N4.9 trillion for the year under review.
These results, according to financial analysts, largely demonstrate the benefits of the group’s Pan-African footprints with continued growth in market share in key countries of operation across Africa. The contributions of ex-Nigeria subsidiaries at 40 per cent, again, confirm the strong footing of the group’s franchise in Africa.
Despite the challenging business environments in Nigeria and across key markets in Africa, the bank’s Profit Before Tax (PBT) rose to N106.8 billion, about 2.4 per cent growth, compared to N104.2 billion in 2017 financial year. In the same vein, the Profit After Tax (PAT) rose by 1.4 per cent to N78.6 billion, compared to N77.5 billion recorded in 2017. Due to lower foreign exchange trading income, operating expenses grew by 4.1 per cent to N197.3 billion, compared to N189.7 billion in 2017.
Reflecting the modest appetite of the bank in the year under review, as well as impact of International Financial Reporting Standards 9 (IFRS 9) implementation, net loans recorded a prudent 3.9 per cent growth to N1.72 trillion, while customer deposits increased by a remarkable 22.5 per cent to N3.3 trillion, compared to N2.7 trillion recorded in the corresponding period of 2017, reflecting increased customer confidence and enhanced service channels. Commenting on the result, the Group Managing Director/CEO, Kennedy Uzoka, noted that the year 2018 was important for the group as it gained further market share in many countries of operation.