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UBA H1’2017 PERFORMANCE SNAPSHOT : PBT rose to by 65.53%y/y ; Declares N0.20 Interim dividend



United Bank for Africa Plc (UBA) released its six months audited results for the period ended June 30th 2017, yesterday, being 24th August, 2017.

From the result gathered,

Gross Earnings grew by 34.51% y/y to N222.72 billion (driven by significant growth in interest income and non-interest income of  44% and 16% respectively). Also, Operating Expenses surge by 27.19% y/y.

Profit before Tax and Profit after Tax, both increased tremendously by 65.53% y/y and 56.19% y/y to N57.53 bilion and N42.34 billion respectively despite a surge in income tax of 93.55%y/y.
Earnings per share (EPS) also grew to N1.21 in the period, compared with N0.78 recorded in the previous year. The directors also proposed an interim dividend of N0.20 per share, set for a closure date of 31st August, 2017 and a payment date set for 11th September, 2017.

Finally, UBA poised an impressive result for Q2 and we believe also that UBA  Gross Earnings will be more impressive in 2017FY, given the surge in FX related and derivative gains, which will be further supported by the higher yields on interest earning assets.. Based on yesterday’s close price of N10.49, we recommend a HOLD on the stock.

Management will be hosting a conference call for investors and analysts on Tuesday 29 August, 2017 at 15:00hrs Lagos time to discuss the H1-2017 results.

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