Markets

UBA Capital Grows Profit by 341% in Nine Months

UBA Capital Plc, a non-bank financial services firm with strong investment banking, trust, asset management and securities trading brands has announced a growth of 341 per cent in profit after tax for the nine months ended September, 2013.
 
The results showed that the company posted gross earnings of N3.23 billion, up by 306 per cent from the N795 million recorded in the corresponding period of 2012.
 
Profit before tax rose by 336 per cent from N494 million to N2.161 billion, while profit after tax soared by 341 per cent from N389 million to N1.716 billion. Analysts said with this impressive performance, which translates to an annualised 38.5 per cent return on average equity, the company is positioned to create wealth for its shareholders.
 
Commenting on the results, Group Chief Executive Officer of UBA Capital, Mr. Rasheed Olaoluwa, said the performance reinforced the dedication towards sustaining the strong start in the year.
 
“As we deliver on our strategic focus of enriching customer experience and value creation across all our business lines, we are convinced that we will continue to grow our market share in Nigeria, with a strong prospect of building our brand in the impact African markets. Our performance reflects the growing momentum of our strategic businesses, as we remain committed to value creation to ensure the loyalty of our existing clients as well as to drive new business development. We are convinced that as we ensure the success of our clients with a disciplined cost structure, we will sustain our strong earnings growth feat.”
 
According to him, the company will not relent on its dedicated focus on staff training and development.
 
“Interestingly, our work environment is increasingly attracting new talents, thus enriching our pool of knowledge base and competitive advantage in the market. As we build on our innovative delivery of value to our clients, we will sustain our impressive performance through the year.  Thus, we reiterate our commitment to delivering exceptional return to our shareholders, who have invested in us,  just as we will remain dedicated to our clients and every other stakeholder in the markets we operate,” Olaoluwa said.

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