Press Release

The impressive returns by the United Bank for Africa Plc continued into third quarter of 2012, with a strong performance characterized by improvements in all key financial indicators as noted in the third quarter financial results released on Monday October 15, 2012.

The Bank in its un-audited financial statement presented to Nigerian Stock Exchange (NSE) recorded a profit-before-tax of N44.86bn, representing a 376.2%, compared to N9.42bn recorded in the corresponding period of 2011.

Highlights of the financials prepared with International Financial Reporting Standards (IFRS), showed that the bank’s  total assets improved by 11.1 per cent from N1,945.8 trillion in Q3, 2011 to N2,162.1 Trillion in Q3, 2012. In addition, Gross Earnings grew by 21.4 per cent to N168.2bn from N138.5bn in the corresponding period of 2011. While Operating Income witnessed a considerable improvement to cap at N121.8bn, a 17 per cent change from N104.1bn achieved within the same period of last year; operating expenses declined by 3.5 per cent, accentuating the cost reduction initiatives put in place by the management since the beginning of the financial year. The Bank also achieved 252.9 per cent growth in earnings per share from N0.34 in Q3, 2011 to N1.2 in Q3, 2012.

Other highlights of the results show that total loans grew to N711.9bn representing a 3.1 per cent from N690.4bn recorded in Q3, 2011. Total deposits from customers also increased to N1.674 trillion, an increase of 11.2% from N1.505 trillion in the corresponding period of Q3, 2011.

In demonstration of its financial capabilities, Loan-to-Deposit Ratio; Capital Adequacy Ratio see considerable improvements, standing at 58.6 and 23.9 percents respectively  from 59.7  and 23.7 percents in corresponding period of Q3, 2011.

Commenting on the results, the Group Managing Director/CEO, UBA Plc Mr. Phillips Oduoza said “we continue to pursue our unique strategy of maintaining diversified business in terms of geography and earnings mix. In Nigeria , we recorded an impressive growth in deposits and still kept funding costs relatively low despite a spike in interest rates during the 3^rd quarter.”

“There are increased contributions across key financial parameters in our pan-African business. In all, UBA remains committed to achieving its targets for 2012 and especially its long term aspirations,” Oduoza assured the shareholders.

United Bank for Africa (UBA) is a leading Pan African Bank with presence in 19 African countries,  New York ,  London  and  Paris  thus being able to effectively arbitrage  Africa  an African related business globally. 

 Thanks

Charles Aigbe 

Divisional Head, Marketing & Corporate Relations Directorate