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UBA Capital increases gross earnings by 300 per cent

By on May 21, 2013

UBA Capital Plc tripled gross earnings to N890.3 million in the first quarter of the year and grew Profit Before Tax to N617 million, translating to 211 percent growth when compared to N198 million achieved in the corresponding period of 2012.

The Company in its unaudited financial statement filed with Nigerian Stock Exchange last week, recorded a Profit before Tax of N617million for the period ended 31st March, 2013. This represents an increase of 211percent over the N198million achieved in the corresponding period of 2012.

Speaking on the result, the Group CEO, UBA Capital Plc, Mr. Rasheed Olaoluwa said, “I am pleased to present this set of strong growth numbers, which reinforces our commitment and potential to deliver competitive returns to our shareholders.

“Notably, the Group’s performance reflects the improved service delivery across all our strategic business units”.

“Our Trustee business remains a dominant player in its niche, with continuous investment in infrastructure and people to ensure the best experience for our clients. Our Investment Banking business is growing fast, as we position the business to take advantage of opportunities in the Power, Oil & Gas and Infrastructure sectors of the economy. As we deepen our relationship and value proposition to our investment banking clientele, we are increasingly harvesting returns.

????according to him,We will carefully invest in our people and technology to drive the Securities Trading business, especially as investor confidence improves. As we refocus our Asset and Wealth Management business, we see significant headroom for growth in our mutual funds and overall Assets Under Management”.

We will not relent on our dedicated focus on staff training and development, as we believe we are in a knowledge business. Interestingly, our work environment is increasingly attracting new talents, thus enriching our pool of knowledge base and competitive advantage in the market. As we build on our innovative delivery of value to our clients, we will sustain our impressive performance through the year”.

Key highlights of the Result include : Fees & commission income of N302 million up 646 percent ( March 2012 : N40.5 million), Investment income of N374 million up 466 percent (March 2012: N66.1 million), Operating expenses of N273 million up 162 percent (March 2012: N104.1 million), Total assets of N76.5 billion up 560 percent (December 2012: N11.6 billion), Shareholders fund of N6.9 billion up 147 percent (December 2012: N2.8 billion) and Cost to income ratio: 31 percent (March 2012: 34 percent).

 

( guardian)