UBA Posts Better First Quarter, 2019 performances

Pan-African financial institution,United Bank for Africa (UBA) started 2019 with NGN98.5 billion of interest income. This represents a good performance for the NSE listed bank. It is notably due to the better yield on its treasury bonds that generated additional revenue of NGN8 billion, diluting the NGN3 billion decrease on security revenues.

In the same week, the NGN4.4 billion rise of interest expenses was neutralised by the improvement of fee incomes and commissions.

Its pre-tax gain was NGN30.1 billion while net profit was NGN28.6 billion ($79.4 million).

There is also a potential gain of the shareholders’ equity. The portion allocated in the financial report recorded a slight NGN11.9 billion rise.

On the Lagos stock exchange, investors seem delighted with these performances. UBA’s shares ended April 24, 2019, with a 2.4% gain on that exchange. It has also been showing continuous progression since April 17, 2019, but the shares still has ways to go. Indeed, its current share price which is NGN7 is still far from the 52 weeks highs (NGN11.9).