UBA grew its gross earnings for the period by 34.5 per cent to N222.7 billion as against N165.6 billion reported in June 2016.

The bank’s African subsidiaries (ex-Nigeria) contributed 32 per cent of the group’s earnings.

This impressive performance, which reflects the strong momentum of the bank’s business and its increasing share of customers’ wallet, was driven by the 44.3 per cent and 16.0 per cent growth in interest income and non-funded income respectively.

The group’s operating income stood at N161.8 billion, compared to N116.2 billion recorded in the corresponding period of 2016, representing a 39.2 per cent growth.

Notwithstanding the impact of the naira devaluation and double digit inflation in Nigeria and a number of other African countries where UBA operates, the group managed through its cost lines to deliver a sterling Profit Before tax (PBT) of N57.5 billion, representing a significant growth of 65.5 per cent over N34.8 billion recorded in the corresponding period of June 2016.

In same vein, the group recorded an unprecedented Profit After Tax (PAT) of N42.3 billion, translating to a 56.2 per cent growth over the N27.1 billion recorded in the half-year of 2016.

While the group closed the half year with total assets of N3.69 trillion, a growth of 5.3 per cent, it prudently grew gross loans to N1.6 trillion, a four per cent growth when compared to the group’s loan book as at December 31, 2016.

Reflecting a strong capacity for internal capital generation, the group’s shareholders’ fund grew by eight per cent to N483.1 billion, whilst it delivered an annualised 18.2 per cent return on average equity and an interim dividend of N0.20 per share.

Strong momentum

Commenting on the result, the Group Managing Director, Mr Kennedy Uzoka said the results demonstrated the strong momentum of the bank as it delivered continuous improvement across its businesses and key performance metrics.

He said the bank’s “unwavering focus on customer service excellence was translating to strong operational and financial efficiency gains.

“We have achieved better pricing on assets and liabilities, leading to continued improvement in the net interest margin to 7.3 per cent. Leveraging our service-focused strategy and treasury management, we grew non-interest income by 17 per cent year-on-year, reinforcing our transaction-banking-led approach towards deepening financial inclusion in sub-saharan Africa,” he stated