United Bank for Africa (UBA) Plc has released its audited half year ended June 30, 2021 with 33.4 per cent increase in profit before tax to N76.2billion as against N57.13billion reported in half year ended June 30, 2020.
The Africa’s leading financial institution on the Nigerian Exchange Limited (NGX) on Thursday audited half year financial results showed an impressive growth across all major income lines and performance indicators.
The pan African financial institution delivered a 36.6 per cent growth in profit after tax to N60.6billion as at June 2021, up from N44.4billion recorded in the same period of 2020, translating to an annualised Return on Average Equity of 17.5per cent as against 15.1per cent a year earlier.
The group’s gross earnings grew to N316billion from N300.6billion as at June 2020; a five per cent growth.
In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA has declared an interim dividend of 20kobo per share for every ordinary share of 50kobo each, held by its shareholders.
As at June 30, 2021, the Group’s Total Assets crossed the N8trillion mark as it soared to N8.3 trillion up from N7.7trillion at the end of the 2020 financial year. Customer Deposits also crossed the N6trillion mark growing by 7.4 per cent to N6.1trillion in the period under consideration, compared to N5.7 trillion as at December 2020.
The Group’s Shareholders’ Funds remained robust at N752.5billion up from N724.1billion in December 2020, reflecting its strong capacity for internal capital generation.
UBA’s Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, in a statement expressed delight over the bank’s performance in the first half of the year.
He said: “This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities.
“We saw this positively impact our business, as we continued to leverage our key strategic levers – People, Process and Technology, and our Customer 1st Philosophy, to revolutionise customer experience at UBA.”
He added that the bank’s investment in the rest of Africa (Excl. Nigeria) continues to yield good results for the group.
In his words, “The benefits of pan-African business diversification accruing to the Group is once again evident, with gross earnings and interest income growth of 5.1per cent and 8.2per cent respectively, despite the low yield environment in our largest market, Nigeria.
“We are making remarkable progress on our strategy that is progressively positioning UBA as the bank of choice on the continent, driven by our emphasis on tech-led innovation and best customer experience.”
Continuing, the GMD pointed out that the bank recognises the far-reaching effects of the pandemic on businesses globally, and remains focused on its promise to always provide our customers with the best banking experiences possible.
“Our H12021 performance reflects our progressive efforts in building on the strong momentum that we started the year with.
“As a purpose-driven organisation, we remain resolute in our drive for sustained growth in customer acquisition, transaction volumes and balance sheet, as we consolidate our ‘Africa’s Global Bank’ market position in the years ahead, uplifting livelihoods across the continent,” Uzoka explained.