UBA posts N89.1bn profit after tax in 2019

United Bank of Nigeria (UBA) Plc has posted a profit after tax of N89.1 billion for the financial year ended Dec. 31, 2019.

The profit after tax represented a growth of 13.3 percent to N89.1 billion compared with N78.6 billion recorded in the correpsonding period of 2018.

Its profit before tax stood at N111.3 billion against N106.8 billion achieved in the comparative period of 2018.

The result posted on the Nigerian Stock Exchange website shows that the bank’s gross earnings grew by 13.3 per cent to N559.8 billion in contrast with N494.0 billion recorded in the corresponding period of 2018.

Its total assets also grew significantly by 15.1 per cent to an unprecedented N5.6 trillion for the year under review.

Operating Expenses grew by 10.1 percent to N217.2 billion, as against N197.3 billion in 2018, well below average inflation rate within the period, a reflection of cost efficiency gains.

The bank proposed a final dividend of 80k for every ordinary share of 50k during the period under review, bringing the total dividend to N1, having paid an interim dividend of 20k earlier.

Commenting on the result, the Group Managing Director, Mr Kennedy Uzoka, noted that the year 2019 was important for UBA Group, as it gained further market share in most of its countries of operation.

“The year 2019 was a very remarkable one for UBA given the adverse market developments.

“Nonetheless, we achieved sizable growth in balance sheet and earnings, even as we reposition the bank for the future.

“Our strategy remains centred around unparalleled service to our esteemed customers.

“Accordingly, we are making significant investments in a technology-driven transformation journey.

“We have recorded early gains as shown in the 39 per cent growth in electronic banking income to N38.8 billion in 2019 from N27.9 billion in 2018.

“Our businesses are gaining commendable share in their markets across regions in Africa, as we deepen the scale and scope of our operations,” he said.

Also speaking on the performance, Ugo Nwaghodoh, the Group Chief Financial Officer, emphasised that the bank was well-positioned to sustain impressive performance across key financial indices.

Nwaghodoh stated that some of its previous investment in digital and technological transformation was already paying off significantly.

“We navigated the fragile yield environment in our largest market to deliver an eight per cent growth in net interest income to N221.9 billion,” he added. (NAN)