By Modupe Gbadeyanka
Pan-African financial institution, UBA Plc, has posted a profit after tax of N72.264 billion in 2016 in contrast to N59.654 billion it recorded a year before, indicating an increase of 21 percent.
In its audited results released to the Nigerian Stock Exchange (NSE), which was analysed by Business Post, the bank grew its asset base to N3.5 trillion compared with N2.8 trillion it stood at the end of 2015.
However, the financial statements showed the bank’s impairment charges for the year increased by 440 percent to N27.7 billion in 2016 in contrast to N5.1 billion it was in 2015.
UBA declared a turnover of N383.7 billion in the year under review compared with N314.8 billion it declared a year before.
Also, the company posted a profit before tax of N90.6 billion in 2016 against N68.5 billion it declared in 2015.
Similarly, its gross interest income for the year rose to N263.9 billion compared with N229.6 billion in 2015, while its gross interest expense stood at N98.8 billion last year against N96 billion two years ago.
During the year under review, UBA recorded significant gains in trading and foreign exchange income which rose to N43.8 billion in contrast to N20.4 billion declared in 2015, while it used N64.6 billion to settle employee benefit expense in 2016 against N57.5 billion in 2015.
Adedapo Adesanya