2014 Q1UBA Plc: High Operating Expenses Wipe Our Earnings Growth..See Details

Deprecated: mb_convert_encoding(): Handling HTML entities via mbstring is deprecated; use htmlspecialchars, htmlentities, or mb_encode_numericentity/mb_decode_numericentity instead in /var/www/nairametrics/wp-content/themes/nairametrics/functions.php on line 104

UBA Plc released its 2014 Q1 results showing a 21% in pre-tax profits for the first quarter of the year as operating expenses rose amidst flat income growth.

• Net Interest Income rose 7.8% to N29.7billion compared to N27billion in 2013 Q1
• 14% drop in commission and fees helped slow down growth in operating income to N44.9billion (2013 Q1: N44.4billion.
• However, the brunch in drop in earnings was to come from high operating expenses which rose 15% to N31.4billion (2013 Q1: N27.3billion).
• This helped push pre-tax profits downwards to NN13.5billion a 21% drop from the N17.1billion posted same period last year.
• Return on Equity was 5.3%