United Bank for Africa (UBA), the Nigerian pan-African financial institution has announced a 13 percent increase in its Profit After Tax (PAT) for the year ended December 2019. The bank’s PAT grew from N78.6 billion to N89.1 billion in the 2019 financial year.
The bank’s audited report for 2019, published by the Nigerian Stock Exchange (NSE) today revealed that the growth of 8 percent in Net Interest Income, 22 percent in Net Fee and Commission Income and 19 percent growth in Net Trading Income are responsible for UBA’s impressive growth in PAT for 2019 financial year.
Here are the highlight of UBA bank Q4 2019 results
- Net Interest Income up by 8% from N205.7bn to N221.9bn in Q4 2019
- Net Fee and Commission Income up by 22% from N65.5bn to N80bn in Q4 2019
- Net Trading Income up by 19% from N31.7bn to N37.6bn in Q4 2019
- Other Operating Income up by 25% from N5.5bn to N6.8bn in Q4 2019
- Credit Loss Expense up from N4.5bn to N18.3bn between Q4 2018 and 2019 Q4
- Staff Cost also up from N71.2bn in Q4 2018 to N75.1bn in UBA bank Q4 2019
- Other Operating Expenses up by 11% from N114.4bn in Q4 2018 to N126.6bn
- Profit Before Tax up by 4% to N111.3bn from N106.8 in Q4 2019
- PAT up by 13% from N78.6bn in Q4 2018 to N89.1bn in Q4 2019
- Earning Per Share also grew by 15 percent from N2.20k in Q4 2018 to N2.52k in Q4 2019.
UBA balance sheet also had a very impressive double digit growth in 2019 financial year. Asset was up by 15% to N5.60 trllion, just as Customer Loans and Advance grew by 20% to N2.06 trillion.
Customer Deposit was also up by 14% to N3.82 trillion from N3.35 trillion in 2018 Q4 while Shareholders Equity grew by 19% to N597.8 billion from N502.6 billion in Q4 2018.