United Bank for Africa Plc has recorded a 19 per cent increase in its profit after tax for the first quarter ended March 31, 2013.

Its result released to the Nigerian Stock Exchange on Monday showed that profit after tax, which stood at N13.1bn in the corresponding period of 2012, rose by 19 per cent or N2.5bn to close at N15.6bn in the period under consideration.

Its profit before tax also rose by 12.4 per cent from N15.3bn in 2012 to N17.2bn in the first quarter, while its total comprehensive income attributable to equity holders increased by 32.5 per cent to N16.3bn, as against 12.3bn of the previous year.

The statement by the bank showed that its gross earnings grew by 19.8 per cent, representing approximately N10.4bn additional revenue to the bank while its total deposits rose by 13.5 per cent from N1.78tn at the end of the 2012 financial year to N2.02tn.

The Group Managing Director/CEO, UBA Plc, Mr. Phillips Oduoza, was quoted in the statement as saying that the bank’s focus would be maintained throughout 2013 with a goal of maximising value across its businesses.

He said, “The first quarter was an excellent start to the year for UBA, with earnings and growth across our Nigeria and Africa businesses. Our earnings provide tangible evidence that the course we have charted for UBA is the right one. We are pursuing market share growth in every region of Nigeria and Africa.

“We are optimistic that the process of regulatory reform will lead to a more competitive market for all participants; and in this context, we see emerging opportunities to fundamentally improve our market positioning. We will continue to strategically invest in our businesses, manage our expense and leverage our competitive advantage in service and convenience to win customers and take market share.”

The bank’s full year result for 2012 released last Friday, showed a 905 per cent increase in its profit from a loss position of N6.8bn in 2011 to N54.8bn.

Its gross earnings grew significantly by 34.45 per cent to N220.1bn, which was about N56.40bn additional revenue from the N163.7bn achieved the year before, while its operating expenses reduced by 3.30 per cent in the same period.

Source: Punch (by Udeme Ekwere)