UBA’s Share Price Jumps To 6 Week High

LAGOS: The share price of United Bank for Africa Plc (UBA) rose for a third day to the highest in six weeks after it posted a 33 per cent rise in profit for the first three months of the year.

The shares climbed as much as 1.8 per cent and traded 0.4 per cent higher at N8.28 by the close of trading activities at the Nigeria Stock Exchange(NSE) yesterday, the highest since April 3, 2013, with over 33 million shares traded, 1.1 times the three-month daily average.

UBANet income for the three months through March increased to 16.3 billion naira ($104 million) from 12.3 billion naira a year earlier, it said yesterday in a filing to the Exchange. Revenue rose to 62.8 billion naira from 52.4 billion naira.

Return on equity was 29.5 per cent, according to data compiled by Bloomberg. That figure “beats the 16 to 20 per cent of most banks,” Bunmi Asaolu, an analyst at Lagos-based FBN Capital Limited, said.

United Bank for Africa Plc had posted a profit after tax of N15.6billion for the first quarter ended March 31, 2013, representing a 19.1 per cent improvement over the N13.1billion it posted in the corresponding period of 2012.

In its unaudited financial statement filed with Nigerian Stock Exchange(NSE) yesterday, the bank recorded a Profit before Tax of N17.2 billion in Q1 2013, showing an increase of 12.4 per cent, compared to N15.3billion achieved in Q1of 2012.

The bank continued to grow as total Comprehensive Income attributable to equity holders increased by 32.5 per cent to N16.3billion, compared to N12.3billion in 2012. Gross earnings grew by 19.8 per cent, representing approximately N10.4billion additional revenue to the bank. Total deposits improved by 13.5 per cent from N1.777trilion in full year, 2012 to N2.017trillion in Q1 2013.

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