The United Bank for Africa Plc has announced its Audited 2018 Financial Results with impressive growths achieved across major financial lines.
According to the 2018 financials filed at the Nigerian Stock Exchange on Tuesday, the bank’s gross earnings grew by 7.0 per cent to N494.0 billion, compared to N461.6 billion recorded in the corresponding period of 2017. The bank’s total assets also grew significantly by 19.7 per cent to an unprecedented N4.9 trillion for the year under review.
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, the 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
Reflecting the modest appetite of the bank in the year under review as well as impact of IFRS 9 implementation, net loans recorded a prudent 3.9 per cent growth to N1.72 trillion 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.