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Half Year: UBA Grows Earnings by 40% to N1.37 trillion, Declares Interim Dividend of N2.00 Per Share

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Total Assets up by 37.2% to N28.3 trillion

Customer Deposits hits N23.2 trillion, climbs 34%

Makes Profit Before Tax of N401.6bn

 

Africa’s Global Bank, United Bank for Africa (UBA) Plc has released its audited financial results for the half year ended June 30, 2024, showing impressive performance across some key financial indicators.

 

 

The audited financials released to the Nigerian Exchange Limited (NGX) on Monday, showed that the bank recorded double-digit growth in its gross earnings and operating incomes.

 

 

 

At the end of the first two quarters of the year, and despite the tough global macroeconomic climate in Nigeria as well as the geo-political environment challenges across major countries in Africa where the bank has subsidiaries, UBA recorded a 39.6 per cent increase in its gross earnings, which rose from N981.77 billion in 2023 to N1.371 trillion in June 2024.

 

 

 

Interest income also increased by 134.3 per cent to N1.003 trillion up from N428.2 billion recorded in June last year, while total assets went up by 37.2 per cent from N20.6 trillion in December 2023 to close at N28.3 trillion. Customer deposits, also leapt by 33.7 per cent in the same period to close at N23.2 trillion up from N17.3 trillion recorded at the end of 2023.

 

 

 

The results filed showed that profit before tax(PBT) which stood at N403 billion in June 2023, closed the half year at N402 billion, while profit after tax(PAT)dropped slightly from N378 billion to N316 billion in the year under consideration. However, the banks’ shareholders funds increased by 47 per cent from N2.03 trillion in December 2023, to N2.99 trillion.

 

 

 

In line with the bank’s culture of paying both interim and final cash dividend, the Board of Directors of UBA Plc has declared an interim dividend of N2.00 per share for every ordinary share of N0.50 each held by its shareholders, representing 300% increase compared to the N0.50 declared in the similar period of 2023.

 

 

 

UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, while commenting on the results underscored the bank’s commitment to consistently deliver value to its shareholders. He said, “UBA Group has continued to deliver strong double-digit growth in high quality and sustainable banking revenue streams, driven by a focused growth in balance sheet, transaction and digital banking businesses across geographies in line with our strategic goals.”

 

 

 

Continuing, the GMD said, “The Group’s performance has been buoyed by consistent strong growth in all core and sustainable banking income lines. Our intermediation business showed strong growth with net interest income expanding by 143% YoY to N675billion”.

 

 

 

On the plans for the rest of the year, Alawuba said, “As the Group intensifies its customer acquisition drive, we are making significant investments in technology, data analytics, product research and innovation to enhance our value proposition and customer experience.”

 

 

 

The Executive Director Finance & Risk, Ugo Nwaghodoh, expressed delight at the milestone achieved by the bank in driving operational efficiency, as reflected in cost-to-income ratio normalizing around the 50% range.

 

 

 

“Our cost optimization provides scope for further moderation, as we explore options towards a drastic reduction of our foreign currency denominated cost components, robotizing and automation of processes and application of artificial intelligence to our operations,” he stated.

 

 

 

He disclosed that the Group will focus on effectively managing the heightened credit, operational, cyber and information security risks, as it continues to conduct its business within the tenets of our moderate risk appetite in alignment with our sustainability goals.

 

 

 

“The Group has made significant progress and is on course to shore up its share capital to support its medium to long term aspirations, whilst aligning with the recent regulatory requirement in Nigeria and other jurisdictions. that we operate in,” Nwaghodoh further explained.

 

 

 

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than thirty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.

 

 

 

 

 

 

Ramon Nasir

Head, Media & External Relations

United Bank for Africa Plc

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HAPPENING NOW: LG election holds in Rivers despite police absence •PHOTOS

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The local government election has commenced in Rivers State, despite the absence of police to man the process.

 

Our source hinted that sensitive materials have been distributed across the local government areas.

 

 

The state governor, Siminalayi Fubara, has vowed to conduct the local government election amid tensions in the state.

 

 

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Nigerian Police Refund N1million Cash Extorted From Corps Members In Lagos As Officers Undergo Probe

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Three members of the National Youth Service Corps (NYSC) have been refunded N1million, which was allegedly extorted by four police officers in Surulere area of Lagos State.

 

The officers reportedly demanded the money after the corps members failed to provide a physical copy of a driver’s licence.

 

 

An X user, Oluyemi Fasipe, had shared details of the incident, stating that one of the corps members was also forced to transfer Bitcoin worth $842 to the officers.

 

 

The Lagos Police Public Relations Officer, Benjamin Hundeyin, confirmed the officers involved had been identified and were undergoing interrogation.

 

“The rogue men of the Area C command of the @LagosPoliceNG who extorted over 1 million naira from the corp members have refunded the money,” Fasipe tweeted on Friday, October 4.

 

 

Hundeyin had stated that the outcome of the trial would determine the culpability of the officers, which could lead to their dismissal. Fasipe also expressed appreciation for the efforts of both Hundeyin and the Lagos State NYSC office in facilitating the refund.

 

He further added, “I like to appreciate @BenHundeyin and the @officialnyscng Lagos State for their efforts too. I also like to use the opportunity to say hello to my friend in Delta State, @Brightgoldenboy.”

 

 

 

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FBI Requests EFCC’s Assistance To Arrest Two Nigerians, Shodiya Babatunde and Yinka Ahmed For Stealing $13Million From American Healthcare Provider…

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The Federal Bureau of Investigation has urged the Economic and Financial Crimes Commission to help track down and apprehend two Nigerian fugitives wanted over a multimillion-dollar healthcare scheme in the United States.

 

 

Babatunde Shodiya and Yinka Jamiu were indicted on September 25 by a grand jury at the U.S. District Court of Minnesota over their involvement in a scheme that saw several healthcare providers lose $13 million between October 2020 and 2024.

 

American officials said the suspects are citizens and residents of Nigeria and urged Nigeria’s frontline anti-graft office to help locate and take them into custody, according to officials familiar with the matter who briefed Peoples Gazette.

 

 

The U.S. officials have reached out to us and they said the suspects are hiding in the country,” an EFCC agent said under anonymity to comment on an ongoing investigation. “We have an obligation to honour the request of our U.S. counterparts as part of our longstanding collaboration to combat cross-border crimes.”

 

Messrs Shodiya and Jamiu targeted at least four Minnesota-based health service providers and tricked them into paying $13 million to a manipulated account rather than the intended beneficiaries.

 

 

Knowing that Optum Pay was the preferred payment system that major health service providers adopted in Minnesota, Messrs Shodiya and Jamiu created a fake domain to divert payment for health plans into an account they set up.

 

After creating a fake domain, fairviewhospitals.org, they opened email accounts in the name of the hospital’s CEO, executive vice-president and business analyst.

 

 

With the fake addresses, Messrs Shodiya and Jamiu sent emails to Fairview employees directing them to “access an Internet link and provide information,” including their usernames and passwords.

 

From the information supplied by the unsuspecting staff, the duo gained access to Fairview’s Optum Pay account and changed the bank information to another account.

 

“Defendants Babatunde and Ahmed then changed the banking information on vendor accounts in order to direct third-party vendors to transfer funds intended for Fairview Health into unauthorised bank accounts controlled by the defendants and their co-conspirators,” the indictment sheet stated.

 

 

While posing as Fairview Health CEO and executives, the suspects contacted vendor companies, including Blue Cross Blue Shield, to update their payment accounts with new ones.

 

“On or about July 29, 2020, Blue Cross Blue Shield of Minnesota made approximately 18 wire transfers totalling nearly $8 million to an account controlled by the defendants,” stated the indictment.

 

Company B, another vendor whose identity the FBI shielded, transferred over $1 million to the fraudulent account on November 19, 2020.

 

 

Company A, a vendor health plan provider, deposited $2.8 million into the fake account in two tranches: $1.4 million on November 25, 2020, and the second $1.4 million on December 4, 2020.

 

For impersonating Fairview’s CEO and other business executives on June 20, 2020, Mr Shodiya was facing additional charges of aggravated identity theft asides the wire fraud charges.

 

The duo will forfeit any money and property linked to the proceeds of the fraud to the U.S. government.

 

If the EFCC successfully tracks down Mr Shodiya and Mr Jamiu, they will be extradited to the U.S. to stand trial.

 

 

Peoples Gazette

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