BIG STORY

Q3 2022: UBA’s Gross Earnings Hit N608bn, Reports 12.3% Growth In Profit

Published

2 years ago

October 24, 2022

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced remarkable performance in its unaudited financial results for the third quarter ended September 30, 2022, recording impressive growth across all its major indices, replicating the commendable performance it achieved in the first two quarters of the current fiscal year.
Specifically, the bank’s Gross Earnings rose to N608 billion, up from N493 billion recorded in September 2021, while Operating income also grew by 27.3% to close at N414.1 billion as at September 2022, up from N334.8 billion achieved a year earlier.
In its financial report filed with the Nigerian Stock Exchange (NSE), UBA reported a 12.3% rise in Profit Before Tax to close at N138.5 billion compared to N123.4 billion recorded at the end of the third quarter of 2021, while profit after tax also rose significantly by 10.9% to N116 billion up from N104.6 billion recorded a year earlier, thus sustaining its annualised return on average equity for Q3 2022 at 19.2%.
As always, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N9.3 trillion, representing a 9.1% increase over the N8.5 trillion recorded at the end of December 2021, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N7.03 trillion, representing a 10.4% rise, up from N6.4 trillion at the end of the last financial year.
UBA shareholders’ funds remained very strong at N809 billion up from N805 billion recorded in December 2021 again reflecting a strong capacity for internal capital generation and growth.
Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, remarked that the Group continues to show notable operating resilience amid significant headwinds in its presence markets amidst heightened global risk environment, adding that its strong diversification model and unwavering focus on customer satisfaction continues to give the bank an edge over its peers in the industry.
He said, “We continue to reap the benefits of our diversification strategy and Customer -1st philosophy and build resilience in our operations across Africa and the Rest of the World to support the mission of providing superior value to our stakeholders.
“This has translated into strong financial gains evident in growth in our customer deposits and Net interest margin. In addition, we are strategically positioned to drive our market share in our operating countries, with the strong growth of our payments and transaction banking offerings,” Alawuba stated.
Executive Director, Finance & Risk Management, Ugo Nwaghodoh, said, “The Group’s profitability increased by 12.3% to N138.5 billion, with underlying growth in our key income lines and moderation in our cost of funds.
We remain very cautious in risk asset creation as we defensively position our asset portfolios to minimize the impact of the heightened credit risk. Consequently, our NPL ratio remains within acceptable threshold at 3.2%.
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) 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

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BIG STORY

President Tinubu Submits Four Tax Reform Bills To National Assembly

Published

14 hours ago

October 3, 2024

PorscheClassy News

President Bola Tinubu has submitted four tax reform bills to the National Assembly for their consideration.

In a letter presented during the plenary sessions by Senate President Godswill Akpabio and Speaker of the House of Representatives, Tajudeen Abbas, on Thursday, the President outlined that the bills align with his administration’s goals.

The proposed legislation includes the Nigeria Tax Bill 2024, designed to establish a comprehensive fiscal framework for regulating taxes.

The Tax Administration Bill aims to provide a clear legal structure for managing taxes in Nigeria, reducing disputes and improving efficiency.

Additionally, the Nigeria Revenue Service Establishment Bill seeks to repeal the Federal Inland Revenue Service Act and establish the Nigeria Revenue Service.

The Joint Revenue Board Establishment Bill proposes the creation of a tax tribunal and an ombudsman to handle tax-related issues.

Tinubu emphasized that these bills are intended to strengthen Nigeria’s fiscal institutions and support the broader development goals of his government.

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BIG STORY

BREAKING: Court Bars VIO From Stopping, Impounding, Confiscating Vehicles

Published

14 hours ago

October 3, 2024

PorscheClassy News

A Federal High Court in Abuja has barred the Directorate of Road Traffic Services (VIO) from stopping vehicles, impounding or confiscating them, and imposing fines on motorists.

Justice Evelyn Maha issued the order in a judgment on fundamental rights enforcement suit FHC/ABJ/CS/1695/2023, filed by human rights activist Abubakar Marshal.

The judge upheld Marshal’s argument that “no law empowers respondents to stop, impound, confiscate, seize, or impose fines on motorists.”

Justice Maha declared that the respondents, under the control of the Minister of the FCT, are not empowered by any law to stop, impound, or confiscate vehicles or impose fines.

She issued an order restraining them from doing so, stating it’s “wrongful, oppressive, and unlawful.”

Additionally, Justice Maha made a perpetual injunction restraining the respondents from violating Nigerians’ rights to freedom of movement, presumption of innocence, and right to own property without lawful justification.

More to come…

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BIG STORY

NELFUND Fixes BVN Verification Glitch, Urges Students To Reapply For Loans

Published

15 hours ago

October 3, 2024

PorscheClassy News

The Nigerian Education Loan Fund (NELFUND) has announced the resolution of a technical issue that disrupted the BVN (Bank Verification Number) verification process for students applying for loans.

The issue, which began over the weekend and persisted through the public holiday, caused delays for many applicants.

In a statement posted on NELFUND’s official X (formerly Twitter) account on Wednesday, the organization confirmed that the issue had been fully resolved by Tuesday morning. NELFUND advised all affected students to log back into the portal, complete their BVN verification, and proceed with their loan applications.

“Dear Students,

“We have observed that many of you experienced issues with BVN verification while applying for the student loan over the last weekend, including the public holiday.

“We are pleased to inform you that the issue has been addressed and fully resolved as of yesterday morning.

“We kindly advise all affected students to log back into the portal, complete the BVN verification process, and proceed with your loan application,” the statement read in part.

NELFUND also expressed gratitude to students for their patience during the disruption and reassured them that the application process can now continue smoothly without further issues.

The revised Student Loan Act of 2024 was designed to eliminate financial barriers and make education more accessible to all Nigerian students, regardless of their economic background.

The Nigerian Education Loan Fund (NELFUND) receives its primary funding from a 1% allocation of the total revenues collected by the Federal Inland Revenue Service (FIRS), Nigerian Immigration Service, and Nigerian Customs Service through taxes, levies, and duties.

In August, President Bola Tinubu announced that the Economic and Financial Crimes Commission (EFCC) had transferred N50 billion in recovered funds to NELFUND, following his directive, to further strengthen the student loan program.

Students from across the country applied for the NELFUND loan, with the top 10 states having the highest number of applicants, in ascending order, being Taraba, Yobe, Adamawa, Oyo, Plateau, Kaduna, Katsina, Benue, Borno, and Kano, which ranks first.

Since the fund disbursement’s rollout, NELFUND has distributed N4.6 billion as tuition support to students in 59 approved tertiary institutions across the country.

This includes N2.5 billion disbursed in August and an additional N2.1 billion disbursed to students in 40 institutions earlier in September.

Furthermore, in August, NELFUND initiated the distribution of N20,000 monthly stipends to beneficiaries, with 20,371 students from six tertiary institutions successfully receiving their July payments.

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