UBA announces N4.87trn assets in 2018

United Bank for Africa Plc has announced its audited 2018 financial results with total assets gaining 20 per cent to N4.87 trillion as against N4.07 trillion reported in 2017.

According to the 2018 financials filed at the Nigerian Stock Exchange during the weekend, key contributors to UBA’s total assets includes 3.9 per cent growth in loans and advances to customer from N1.65 trillion to N1.72 trillion in 2018 while Customer Deposits increased by a remarkable 22.5 per cent to N3.3 trillion, compared to N2.7 trillion recorded in the corresponding period of 2017, reflecting increased customer confidence and enhanced service channels.

Furthermore, Shareholders’ Funds decreased marginally by 4.8 per cent to N502.6 billion, reflecting the impact of International Financial Reporting Standards 9 (IFRS 9) implementation.

The group gross earnings grew by seven per cent to N494 billion, compared to N461.6 billion recorded in the corresponding period of 2017.

Despite the challenging business environments in Nigeria and across key markets in Africa, the bank’s Profit Before Tax was quite impressive at N106.8 billion, a 2.4 per cent growth, compared to N104.2 billion in 2017 financial year.

In the same vein, its Profit After Tax rose by 1.4 per cent to N78.6 billion, compared to N77.5 billion recorded in 2017. Due to lower foreign exchange trading income, Operating Expenses grew by 4.1 per cent to N197.3 billion, compared to N189.7 billion in 2017.

The management, however, proposed a final dividend of N0.65 for every ordinary share of 50 kobo, bringing the total dividend to 0.85 per share for 2018 financial year ended December 31, 2018.

Commenting on the result, the Group Managing Director/CEO, Kennedy Uzoka, noted that the year 2018 was important for the group, as it gained further market share in many countries of operation. More so, the CEO was excited at strategic achievements made in the year, including the start of wholesale banking operations in London, as it seeks to leverage the group’s unique network across Africa. UBA also opened its 20th African operation.