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UBA FY’2016 PERFORMANCE SNAPSHOTS – PBT up by 32.45%y/y; declares N0.55 final dividend

27
Mar

United Bank for Africa Plc (UBA)  released its 12 months (FY) audited results for the period ended December 31st, 2016, this morning, being 27th of March, 2017.

From the result gathered,

Gross Earnings grew by 21.85% y/y to N383.65 billion, so was Operating Expenses by 11.61% y/y.
Profit Before Tax and Profit After Tax, both increased significantly by 32.41% y/y and 21.14% y/y  to N90.64 billion and N72.26 billion respectively after a tax surge of 108.84%y/y.

Earnings per share (EPS) also grew to N2.04 in the period, compared with N1.79 recorded in the previous year.
The directors also recommended a final dividend of N0.55 per share set for a closure date for 3rd April, 2017 and a payment date set for 10th April, 2017.

The FY growth  in PBT was spurred by a massive improvement of 115.16%y/y in Net Trading & Foreign Exchange Income : ( Foreign currency revaluation gain of N15.14 billion from N3.16 billion ) and ( Fair value gain on derivatives of N9.15 billion from a loss of N4.11 billion) compared with the previous year.

Return on Average Equity (ROAE) was relatively stable at 19%. Also, Total Equity: N448 billion, was up from N333 billion as at 2015FY (35%y/y growth).

Finally, UBA result was impressive compared to the previous year in review, outperforming both management guidance and consensus estimate.

Management Desk
Commenting on the result, Kennedy Uzoka, the GMD/CEO of UBA Plc, said;“Given the operating environment in 2016, I am very pleased with our profitability; an impressive 32% growth in profit before tax to N91 billion. Nevertheless,The local currency weakness  in a number of our chosen markets, particularly the Naira devaluation in Nigeria, impacted on our cost  of doing business. Nonetheless, we continued to implement our cost management initiatives, which helped to mitigate the inflationary pressure on our operating expenses. Overall, we improved on our cost-to-income ratio, closing the year at 63%, in line with our target.

Outlook
Whilst we will continue to grow across our operations in Africa, now representing 32% of Group revenue, we will maintain our culture of banking only quality and profitable assets.Also,  As we implement our Customer-first Philosophy, we are approaching 2017 with real optimism, especially as the outlook remains positive in many of our markets and we benefit from our increasingly diverse revenue streams. We reiterate our pledge to delivering excellent service to our customers, as we remain committed to creating superior and sustainable return for our shareholders.”

 

 

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