UBA releases impressive 3rd quarter result
August 4th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The month of July and possibly August in 2007 has witnessed and is still witnessing the release of company results in the stock market. Companies like First bank Plc, Zenith Bank Plc, Sterling Bank Plc amongst others will during this period release their results, be it full year or quarterly.
United Bank for Africa PLc (UBA) is however not an exception, as the company recently released its 3rd quarter result for the period ended June 30, 2007, and it was indeed impressive.
Among top highlights in the results, the company made turnover of N75.20 billion for the period, as against N55.50 billion the previous year. Gross profit stood at N19.60 billion in 2007, as against N9.66 billion for the same period of 2006. This indicates an increase of 103 percent.
Consequently, profit after tax increased by 107 percent for the period, as the company had a net of N17.04 billion in 2007, as against N8.02 billion in 2006.
The fortunes of the bank changed rapidly upon the merger with then Standard Trust Bank Plc, which saw Tony Elumelu become Managing Director of the bank. The bank was the first to hit a balance sheet in excess of N1 trillion last year, a feat that has endeared investors both foreign and local to it.
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