UBA half-year earnings rise by 40%

Monday September 7 2015

Mr Phillips Oduoza, the UBA group managing

Mr Phillips Oduoza, the UBA group managing director/chief executive 

By PAUL TAJUBA

Kampala. Pan-African financial services group, United Bank for Africa (UBA), has announced its half-year earnings indicating a 40 per cent growth.
UBA’s earnings grew to N166.9b (about Shs3.07 trillion) during his year half year period, compared to N138.2b (about Shs2.54 trillion) in the same period of June 2014.
The Bank’s profit before tax rose to 35.1 per cent translating into N39b (about Shs719.5b), while profit after tax was up by 40 per cent to N32 billion (about Shs590.4b) within the same period.

The UBA 2015 half-year results also show improvement in operational efficiencies where the bank’s net operating income rose by 21per cent to N108.7b (about Shs2 trillion) in June 2015, compared to N90b (about Shs1.66 trillion) in the comparable period of 2014.
The growth is attributed to profitability of the Nigerian group that extended loans to support domestic businesses. The Nigerian group contributed to the growth by more than 23 per cent.

As a result of the growth, the bank has announced payment of an interim dividend of 20 kobo per share. A kobo is a monetary unit of Nigeria, equal to one hundredth of a naira.
UBA group operates in 19 African countries including Uganda but has branches in America, United Kingdom and France.
Mr Phillips Oduoza, the group chief executive officer said in a statement: “In spite of a challenging operating environment, our business strategy has proved to be resilient, balancing prudence, with an ability to significantly grow bottom line and continue to focus on operating effectiveness.”

ptajuba@ug.nationmedia.com

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