Don't Miss


Home   >   Business   >   Industries   >   Banking   >   UBA Capital posts N1.5bn profit before tax in six months

UBA Capital posts N1.5bn profit before tax in six months

By on July 24, 2014

UBA Capital Plc has reported a profit before tax of N1.497 billion for the half year(HI) ended June 30, 2014, showing an increase of 23 per cent above the N1.221 billion recorded in the corresponding period of 2013.

The unaudited results made available by the Nigerian Stock Exchange (NSE) showed that the investment bank posted gross income of N2.258 billion in 2014, up from N1.839 billion in 2013.

Fee and commission income grew by 42 per cent from N580 million to N823 million.

The company ended the HI with a PBT of N1.499 billion while profit after tax rose from N1.008 billion to N1.245 billion.

Market  analysts said the results showed that investors would enjoy another bounteous harvest. The company had ended  the 2013 with a profit after tax of N1.763 billion, while investors received N1.5 billion as dividend.

As at HI of 2014, UBA Capital achieved  68 per cent of the PAT posted in full of 2013, a development market analysts said points to improved performance at the of the year.

The Group Chief Executive Officer, UBA Capital, Mrs. Oluwatoyin Sanni, had last April assured shareholders of the company that they should expect a better performance this year.

“2013 was a year of laying a solid foundation for the legacy we are building as Africa’s leading investment banking group, which we commenced successfully by establishing ourselves as a key player in Nigeria,” she said.

According to her, initiatives implemented by the company  enabled it to participate in major transactions such as the acquisition of the Ughelli Power plant by Transnational Corporation of Nigeria Plc, which  boosted its profits.

The Chairman of the company, Chika Mordi, also told the shareholders that having overcome several challenges in the macro-economic environment to post a positive annual result, he was confident of a better performance in 2014.

“I have no doubt that the strategies we have adopted and structures that the board has put in place are enough to sustain and surpass our performance,” he said.

Shareholders of the company commended the performance and the dividend payment.

UBA Capital Plc, formerly a subsidiary of United Bank for Africa Plc, become a separate company after the shareholders of UBA Plc approved that the bank adopt approved a new commercial banking structure in compliance with the Central Bank of Nigeria (CBN)’s regulation which scrapped the universal banking.

UBA Capital Plc is a financial and investment services group providing services through UBA Trustees, UBA Securities, UBA Asset Management.

 

[This Day]