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UBA Reports 30% Profit Decline In Q1 2014

UBA CEO, Phillips Oduoza

The United Bank for Africa (UBA) on Thursday released its first quarter (Q1) 2014 results which showed a 30 per cent decline in profit after tax (PAT) to N11.1 billion, while profit before tax (PBT) declined by 21 per cent to N13.544 billion as against Q1, 2013.

The decline in PAT was greater due to a loss of N1.3 billion on the other comprehensive income line compared with a gain of N761 million in the prior year.

The decline in PBT was largely driven by a 15 per cent rise in operating expenses to N31 billion. This was significant and more than offset what was a modest (2 per cent) rise in profit before provisions to N45.5 billion.

Loan loss provisions rose by 197.7 per cent at N527 million, from a very low base of N177 million in Q1 2013 and extremely high N10.1 billion in Q4 2013.

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