Pan-african bank hits 40% profit at half-year earnings report

The company chose to have its half year results audited, in line with best practice in corporate governance before its release to the Nigerian Stock Exchange (NSE) yesterday.

UBA Chairman, Tony Elumelu

Pan-African financial services group, United Bank for Africa Plc, has announced it’s audited 2015 half year financial results, showing a strong growth in earnings and profits.

The company chose to have its half year results audited, in line with best practice in corporate governance before its release to the Nigerian Stock Exchange (NSE) yesterday.

UBA’s earnings grew strongly by 21% to N166.9 billion during the period, compared to N138.2 billion in the same period the previous year.

The Bank’s profit before tax (PBT) also rose 35.1% to N39.0 billion, while profit after tax (PAT) was up a significant 40% to N32 billion within the same period.

That’s why the Bank has announced the payment of an interim dividend of 20 kobo per share as a reward to shareholders.

Phillips Oduoza, group managing director/CEO while speaking on the results, said, “In spite of a challenging operating environment, our business strategy has proved to be resilient, balancing prudence, with an ability to significantly grow bottom line and continue to focus on operating effectiveness. We look forward to continuing to support our customers and working with them to achieve financial success for them and the wider Nigerian and African economies”.

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