Africa’s leading financial institution, United Bank for Africa (UBA) Plc, has announced its audited half year financial results for the half year ended June 30, 2021, showing impressive growth across all major income lines and performance indicators.
The bank delivered a 33.4 per cent appreciation in its profit before tax which rose to N76.2billion as at June 2021, up from N57.1billion recorded in the same period of 2020, translating to an annualised Return on Average Equity of 17.5 per cent as against 15.1 per cent a year earlier. This feat was recorded despite the challenging business and economic environment that emerged from the slow pace of activities following the global lockdown occasioned by the COVID-19 pandemic.
The results filed with the Nigerian Exchange, showed that the Group’s profit after tax stood at N60.6billion representing a significant rise by 36.3 per cent compared to N44.4billion recorded in the half year of 2020, while gross earnings grew to N316bn from N300.6billion as at June 2020; a 5 per cent growth.
As at June 30, 2021, the Group’s Total Assets crossed the N8trillion mark as it soared to N8. 3 trillion up from N7.7trillion at the end of the 2020 financial year.