United Bank for Africa Plc has delivered 33.4 per cent growth in its profit before tax, which rose to N76.2 billion as of June 2021.
This was against the N57.1 billion recorded in the same period of 2020.
According to the bank’s half year financial statements, this translated to an annualised return on average equity of 17.5 per cent as against 14.4 per cent a year earlier.
The bank said, “This feat was recorded despite the challenging business and economic environment that emerged from the slow pace of activities following the global lockdown occasioned by the Covid-19 pandemic. “
The results submitted to the Nigerian Exchange Limited showed that the group’s profit after tax stood at N60.6 billion, representing a significant rise by 36.3 percent, compared with the N44.4 billion recorded in the half-year of 2020.
Similarly, gross earnings grew to N316 billion, which was a five percent increase, from the N300.6 billion recorded as of June 2020.
According to the results, on June 30, 2021, the group’s total assets crossed the N8 trillion mark as it increased to N8.3 trillion, up from N7.7 trillion at the end of the 2020 financial year.
Its customer deposit also crossed the N6 trillion mark, growing by 7.4 percent to N6.1 trillion in the period under review, compared with N5.7 trillion as of December 2020.
Furthermore, the group’s Shareholders’ Funds remained robust at N752.5 billion, up from N724.1 billion in December 2020, reflecting its strong capacity for internal capital generation.
In line with the bank’s culture of paying both interim and final cash dividends, the Board of Directors of UBA declared an interim dividend of 20 kobo per share for every ordinary share of 50 kobo each, held by its shareholders.
Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, 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.”