UBA Nigeria Still Going On Strong. The Bank's Gross Earnings Have Increased By About 11%

United Bank of Africa saw its stocks rise this quarter, with revenue increasing 11% amounting to over N61 billion naira. It went from N559 billion to N620 billion in a year.

In its financial report released last week, profits were up to N131.9 billion from N111.3 billion, an increase of 18.5%. The Profit After Tax also had an impressive rise of 27.7%.

The Pan-African Bank also proved its ability to be economical as operating expenses grew by just 10.1% to N249.8 billion, a rate that is below the average inflation rate of 13.2%.

The bank is however cutting down on dividends for its shareholders, as it is set to pay N17.8 billion at N0.52 per share. Last year, it paid shareholders N27.4 billion, at N0.8 per share.

Last week, it traded at the top spot in the Nigerian Stock Exchange, alongside other banks like Guaranty Trust Bank and Zenith Bank, accounting for 888.515 million shares worth N15.881 billion. They contributed 45.30% to the total equity turnover volume and 69.11% to the total equity turnover value. 

UBA alone had 17.680 million shares valued at N122.109 million and traded in 218 deals on the Stock Exchange.

UBA is one of Nigeria's biggest banks, with operations in 20 countries and offices in London and Paris. Founded in 1947, it is currently headed by Tony Elemelu, the Nigerian economist and philanthropist.

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