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UBA GROWS PROFIT BY 159%

By NBF News
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United Bank for Africa Plc has posted a Profit Before Tax (PBT) of N31.842 billion for the half year ended June 30, 2012, representing an increase of 159 per cent compared to N12.3 billion recorded in the corresponding period of 2011.

Similarly, profit after tax (PAT) had an impressive run, growing by 138.42 per cent from N11 billion to N26.2 billion over the period.

A statement by the bank's Divisional Head, Marketing and Corporate Relations, Charles Aigbe noted that the result was an attestation to the complete turnaround of the bank's fortunes and a demonstration of the increasing earnings accruing to the Group's investments across Africa.

'This mark of better operating efficiency helps in delivering a robust Return on Equity by 28.1 per cent, as against 6.8 per cent recorded in the corresponding period of June 2011.

The bank's total assets grew by 5.1 per cent from N1.946 trillion in June 2011 to N2.044 trillion as at June 30, 2012. In addition, the Net Loan Portfolio increased to N734.4billion, compared with N690.4billion in June 2011, an increase of 6.4 per cent,' the bank said.