Applause as Tony Elumelu’s UBA records N76.2 billion half year profit

United Bank for Africa (UBA) Plc led by Mr. Tony Elumleu and Mr. Kennedy Uzoka, has posted N76.2 billion gross profit in the first half of 2021 ended June 30, recording growth across all major income lines and performance indicators.

The pan African financial institution delivered a 33.4 percent appreciation in its profit before tax which rose to N76.2bn from N57.1bn recorded in the same period of 2020.

It translated to an annualised Return on Average Equity of 17.5% as against 14.4% a year earlier.

According to a statement from the bank yesterday, the results filed with the Nigerian Exchange, showed that the Group’s profit after tax stood at N60.6bn representing a significant rise by 36.3% compared to N44.4bn recorded in the half year of 2020, while gross earnings grew to N316bn from N300.6bn as at June 2020; a 5% growth.

As at June 30, 2021, the Group’s Total Assets crossed the N8tn mark as it soared to N8.3tr up from N7.7tr at the end of the 2020 financial year. Customer Deposits also crossed the N6tr mark growing by 7.4% to N6.1tr in the period under consideration, compared to N5.7tr as at December 2020.

UBA’s Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, said, “This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities.”

UBA’s Group Chief Financial Officer, Ugo Nwaghodoh, said, “Capital position remained strong, with a capital adequacy and liquidity ratios of 23.9% (22.4% in 2020H1) and 58.3% (58.2% in 2020H1) respectively. This is robust enough to support our growth ambitions.”