- Savers entrust lender with N4.8trn in 6 months
- Profit before tax at N57.1bn
- Gross earnings surpass N300bn
- Asset valuation hits N6.8trn
The United Bank for Africa (UBA) Plc has reported its audited results for the half year ended June 2020.
According to the report filed at the Nigerian Stock Exchange (NSE) and accessed by Business Metrics, the pan-African bank recorded profit after tax PAT) of N44.431 billion, compared with the N56.7 billion it realised in the comparable period of 2019.
The results show that despite the grave impact of Coronavirus pandemic within the period under review, the bank reported better-than-expected numbers, experts have said.
Specifically, the Covid-19 pandemic disrupted economic activities in Nigeria, other African countries where the bank has its subsidiaries as well as the global economy, in the second quarter of the year.
The results also showed that the UBA Group recorded profit before tax of N57.1 billion as of the period under review, as against the N70.3 billion it garnered as of June 2019.
According to the report, UBA’s operating income increased by 7.7 per cent to N197.1 billion in the review period, as against the N182.9 billion it made last year.
The bank’s gross earnings also grew to N300.2 billion, compared with the N294 billion it made in the comparable period of 2019.
As indicated in the report, its total loans to customers grew by 6.1 per cent to N2.186 trillion, as against the N2.061 trillion recorded last year, just as its deposits from customers increased significantly by 25.2 per cent, from N3.832 trillion last year, to N4.8 trillion.
The UBA Group’s total asset as at first half of 2020 was N6.8 trillion, as against the N5.8 trillion it was in the comparable period of last year, while net interest income grew by 8.4 per cent to N119.3 billion.