Press Release

United Bank for Africa Plc has issued a profit forecast for the first quarter of the year. The forecast made available to the Nigerian Stock Exchange (NSE) showed that UBA shall record a Gross Earnings of N59 billion and Profit-Before-Tax of N15.1 billion for the period ending March 31, 2012.

Compared to the bank’s actual performance in the corresponding period of 2011, gross earnings growth will be 45.6% and PBT growth will be in excess of 200%.

In a related development, UBA has also issued a profit warning to the market in relation to its full year 2011 financial performance stating that it will show a loss. According to the bank, profits in 2011 were moderated by provisioning and write offs.

“The write offs were necessary and leaves the bank with a healthy balance sheet. Having put the past behind us, the outlook is very positive for the bank with increasing contributions from our operations in Africa” said Mr. Ugo Nwaghodoh, Chief Finance Officer, UBA Plc.

UBA is a leading Pan African financial services Group with presence in 19 African countries, New York, London and Paris. Headquartered in Lagos, Nigeria, the Group provides universal banking services to diverse customer groups across Africa.