UBA Declares N28.85 Billion Profit After Tax

United Bank for Africa Plc (UBA)’s third quarter unaudited results for its 2008 financial year, shows that the Bank is well on track to meeting and surpassing the expectations of its numerous stakeholders.

Drawing inference from the disclosed figures, stakeholders of the bank can be certain of another rewarding year for their investments in the financial institution.

The unaudited results, recently released to the Nigerian Stock Exchange, show a 59.8 per cent increase in the bank’s earnings and growth in its market share. Gross Earnings for the 6 months under review was N120.25 billion, a N45 billion appreciation over the N75.25 billion recorded for the corresponding period last year. This significant increase in earnings, can be attributed to increased customer-patronage resulting from the quality of service and products offered by the bank.

Profit before tax appreciated by 68.31 per cent, with the bank reporting a N33.14 billion PBT in comparison with the N19.69 billion reported last year. The bank’s N28.85 billion profit after tax for the 6 months under review, is also a 6668.42 per cent appreciation over the figure reported last year.

According to financial analysts and industry watchers, the bank’s first quarter results are an indication of good times for its shareholders, if dividend payout for the last financial year are anything to go by.

Bank’s results with that of its peers, shows that it had emerged as the fastest growing in the country.