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UBA Declared a profit tax of N26.2bn in half year

United Bank for Africa Plc has de-clared a profit af-ter tax of N26.2bn for the half year ended June 30, 2012, an increase of 138.4 per cent when compared to

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قديم 07-11-2012, 05:34 PM
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تاريخ التسجيل: Apr 2012
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افتراضي UBA Declared a profit tax of N26.2bn in half year

United Bank for Africa Plc has de-clared a profit af-ter tax of N26.2bn for the half year ended June 30, 2012, an increase of 138.4 per cent when compared to N11bn recorded in the same period of 2011.

The bank’s gross earn-ings rose by 21.6 per cent in the review period, from N91.3bn in half year 2011 to N111bn in 2012, while taxation increased from N1.99bn in the same pe-riod of 2011 to N4.78bn in 2012. According to the re-sult from the bank yes-terday, net assets stood at N199.6bn in the half year, from N173.3bn in the same period of 2011, while cus-tomers deposits increased marginally by 2.4 per cent, from N1.46bn in 2011 half year to N1.49bn in 2012.

The bank posted an operating income of N80.6bn, an increase of 16.9 per cent from N68.9bn recorded in the same pe-riod of 2011. Further analysis of the result showed an in-crease in the bank’s total assets by 5.1 per cent from N1.95trn in June 2011 to N2.04trn in the review pe-riod.


Commenting on the result, the Group Manag-ing Director of the bank, Mr. Phillips Oduoza said, “Our expansion into Af-rica had reached a con-solidation stage and the management of UBA had shifted its focus from ex-pansion, to maximizing the investment in our unique footprint.


What you have seen in the first half of the year, is a reflec-tion of what our platform is capable of delivering”.
He said that the bank is pleased with the result despite the challenging environment, adding that the bank is committed to delivering good returns to stakeholders.


“Our ability to signifi-cantly and continuously grow profit and reduce costs is an indication of our promise and deter-mination to deliver good returns to all stakehold-ers. Our focus remains on maximizing returns through our valuable branch network, continu-ally re-engineering our product offerings and most importantly deliv-ering consistent service quality to clients across the continent”, Oduoza added.
UBA Declared a profit tax of N26.2bn in half year


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