UBA Plc. Posts 21.69% PAT Decline in HY’2020

Dear Client/Reader, 

The HY’2020 result of UBA Plc showed that Interest income advanced by 0.34% from N204.89 bn in HY’2019 to N205.59 bn in the current period. Net interest income increased by 8.36% to N119.32 bn in HY’2020 from N110.12 bn in HY’2019. The increase in net interest income was driven by the rise in interest income and an 8.97% drop in the interest expense. In a similar tune, operating income increased by 7.70% from N182.64 bn in HY’2019 to N196.71 bn in the current period, on the back of a 6.73% and 7.52% increase in fees and commission income and net trading and foreign exchange income, respectively. However, profit before tax declined by 18.71% from N70.27 bn recorded in HY’2019 to N57.13 bn in the current period. The decline in profit was due to a 150.22% and 20.57% increase in net impairment loss and operating expenses, respectively. Likewise, profit after tax declined by 21.69% from N56.74 bn in HY’2019 to N44.43 bn in HY’2020. Consequently, earnings per share went down by 23.46% from N1.62 in HY’2019 to N1.24 in HY’2020. The company proposed an interim dividend of N0.17. UBA currently trades at N6.45.

Please find attached UBA Plc HY-2020 result analysis.  

Regards,

Click here for the full result analysis.