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United Bank for Africa Plc (UBA) has announced its audited results for the full-year ended December 2019, recording growth across top and bottom line items.
According to the 2019 financials filed at the Nigerian Stock Exchange (NSE) at the weekend, the bank’s gross earnings grew by 13.3 percent to N559.8 billion, compared to N494.0 billion recorded in the corresponding period of 2018. Its total assets also grew significantly by 15.1 percent to an unprecedented N5.6 trillion for the year under review. This is the first time the bank’s gross earnings and assets will respectively cross the N500billion and N5trillion marks.
Notwithstanding the challenging business environment in Nigeria, the bank’s Profit Before Tax was impressive at N111.3 billion, compared to N106.8 billion at the end of the 2018 financial year. Furthermore, the Profit After Tax rose by 13.3 percent to N89.1 billion compared to N78.6 billion recorded in 2018. On the cost side, Operating Expenses grew by 10.1 percent to N217.2 billion, as against N197.3 billion in 2018, well below average inflation rate within the period, a reflection of cost efficiency gains.
These results are a reflection of the bank’s deepening of its Pan-African business strategy, given the growth in the contribution of its 19 African subsidiaries to the Group’s net earnings and total assets. Ex-Nigeria Operations’ contributed 46 per cent to the Group’s Profit Before Tax(PBT) in the year under review.
