UBA Archives - Naija Premium Gist

Man in court for damaging UBA property

March 1, 2023 No Comments

A 23-year-old man, Ezekiel Olamilekan, on Wednesday appeared before the Ikeja Magistrates’ Court for allegedly damaging the full front glass of United Bank for Africa (UBA), Mulero, Dopemu branch, Lagos State.

Mr Olamilekan, with others still at large, is facing a two-count charge bordering on conspiracy and malicious damage.He, however, pleaded not guilty to the charges.

The police prosecutor, Olusegun Kokoye, told the court that the defendant, along with others at large, maliciously damaged the full front glass of UBA Bank, Mulero branch.

Mr Kokoye said that the value of the said property was yet to be ascertained.He said that the offences were punishable under sections 411 and 350 of the Criminal Law of Lagos State, Nigeria, 2015.

The presiding magistrate, Sakirat Obasa, admitted the defendant to N100,000 bail and two reliable sureties.

She adjourned the case until March 20 for mention.

Business

UBA records N7.6bn profit in 2021 first-half results

September 10, 2021 No Comments

The United Bank for Africa (UBA) Plc has reported a profit before tax of N76.2 billion in the first half of the year.

This represents a 33.4 percent appreciation compared to the N57.1bn recorded in the same period of 2020.

The profit was the highest in the first half of the year, according to the bank’s result filed with the Nigerian Exchange.

The result also showed the bank’s gross earnings grew 5.0 percent to N316billion from N300.6billion, while total assets rose to N8.3 trillion from N7.7trillion.

Customer Deposits also crossed the N6trillion mark growing by 7.4 percent to N6.1trillion in the period under consideration, compared to N5.7 trillion as at December 2020.

The Group’s Shareholders’ Funds remained robust at N752.5billionn up from N724.1billion in December 2020, reflecting its strong capacity for internal capital generation.

In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of 20kobo per share for every ordinary share of 50kobo each, held by its shareholders.

Reacting to the result, UBA’s Group Managing Director/Chief Executive Officer, Mr. Kennedy Uzoka, expressed delight over the bank’s performance, adding, “This has been a strong first half for us, as global economic recovery exceeded expectations, creating a positive rub-off on consumer and corporate confidence, savings and investment activities”.

Continuing, the GMD pointed out that the bank recognises the far-reaching effects of the pandemic on businesses globally.

Business

UBA interest expense declines, as PAT hits N113.76bn in 2020

March 9, 2021 No Comments

Interest expense of United Bank for Africa (UBA) fell by 7.9 percent in 2020, analysis of the company’s financial statements showed.

Interest expense, which is a cost incurred on borrowed funds hit N168.39 billion.

The N168.39 billion in twelve months showed a difference of -7.9 percent when compared to the N182.95 billion reported as interest expense in the corresponding period of 2019.

During the same period of dip in interest expense, UBA grew its payment of interest (Interest Income) to customers, after borrowing fraction of account holders’ deposit to fund loan applicants.

According to the financials obtained by Ripples Nigeria, UBA’s Interest Income rose to N427.86 billion in 2020 full year, surpassing the N404.83 billion paid to customers in the same period in 2019.

The financials also reported that UBA grew its profit before tax (PBT) and profit after tax (PAT) during the twelve months period of last year. PBT ended closed the year 2020 with with N131.86 billion, surpassing the N111.28 billion reported for 2019 period.

PAT rose to N113.76 billion during the twelve months period of last year, rising above the N89.08 billion UBA reported during the corresponding period of 2019.