Earnings Analysis 2013 H1: Despite Rising Operating Cost UBA Plc Post N33.2billion Pre-Tax Profits

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[upme_private]UBA Plc released its 2013 H1 Earnings with Gross Earnings rising 16% to N125billion. Net Interest Income rose 17% to N53.4billion (2012 H1: N45.6billion). Income from commission and fees was flat rising only 1% to N22.2billion. Operating income rose 11% to N88billion. Profit before tax at the end of the period was N33.2billion (2012 H1: N30.4billion).

• Cost to Income ratio was 61%
• Despite the rise in operating profit, operating profit margin faired worse than it did the previous year.
• Profit margin was also 22.6% compared to 24% the year before.
• Loans and advances increased 10% to N761billion
• N400million was written off as loan impaired.

UBA Plc released its 2013 H1 results in the website of the NSE[/upme_private]