United Bank for Africa presents audited financial results for the first half of 2018, with strong growth, with a significant contribution from its African subsidiaries.
The bank of Nigerian origin recorded a 16% increase in gross revenues to 749 million US dollars. This, despite a low-yield environment in two key markets, Nigeria and Ghana. Operating income also grew by 4.1% to $ 489 million. Pre-tax earnings were $ 169 million, which was resistant to inflation. Profit after tax also increased to US $ 127 million, up 3.4%. The first half result translates into a return on average equity before and after tax of 23% and 17% respectively.
Outside Nigeria, the bank continues its growth momentum. African subsidiaries contributed 40% of the Group’s profits. The goal of bringing this contribution to 50% is within reach and should be achieved quickly.
In the first six months of the year, the Bank’s total assets rose 4.9% to US $ 12.4 billion and customer deposits grew 6.1% to US $ 8.4 billion. US $, against US $ 7.9 billion in December 2017.