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Business UBA Records High Profit in First Quarter of 2016


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The United Bank for Africa (UBA) has reported that its after-tax profit rose marginally in the first quarter of this year, according to a statement released on Tuesday.

UBA said its after-tax profit rose 0.18 percent to N16.98 billion in Q1 2016 compared with N16.96 billion in Q1 2015. The bank’s Q1 profit exceeds CardinalStone Partners analysts’ consensus expectation of N12.1 billion.

In the quarter under review, UBA said gross revenues fell 10.8 percent to N74.13 billion compared with N83.09 billion reported in Q1 2015. Net interest income rose 11.8 percent to N34.42 billion in Q1 2016 compared with N30.78 billion in Q1 2015. Total non-interest income, however, fell 25.1 percent to N16.82 billion in the last quarter compared with N22.46 billion reported in the first quarter of last year.

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UBA’s total assets declined by 0.69 percent from N2.75 trillion in Q1 2015 to N2.73 trillion in Q1 2016. Basic per share earnings also dropped to N1.96 per share in Q1 2016 compared with N2.17 billion in a corresponding quarter of last year.

UBA’s stock fell 0.31 percent to N3.21 per share as trading close on the Nigerian Stock Exchange on Tuesday.






- Financial Nigeria
 
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