UBA delays publishing of HY audited financial results

The board of United Bank for Africa (UBA) Plc has announced a delay in the release of its Half-Year (HY) financial results.

This was disclosed in the company’s statement to the Nigerian Exchange Limited (NGX) and obtained by Nairametrics.

Reasons for the delay

According to the statement signed by the Company Secretary, Bili Odum, the bank gave no particular reason for the delay. However, it said it is optimistic the results would be available by September 15th.

Here’s what the statement reads: “This is to inform Nigerian Exchange Limited (NGX), our esteemed shareholders, and the investing public of a slight delay in publishing the Bank’s Half-Year 2023 Audited Financial Statements (AFS).

The Bank is however optimistic that the AFS will be submitted to NGX on or before Friday, September 15, 2023.

All insiders of the Bank are hereby reminded that the trading window for dealing in the Bank’s shares will remain closed to them and their connected persons until 24 hours have elapsed after the release of the Audited Financial Statements.”

What You Should Know

In its unaudited report for the first quarter that ended March 31, 2023, United Bank for Africa (UBA) Plc, showed impressive performance across major indices.

Interest income rose significantly to N191.88 billion from N125.08 billion recorded in the 2022 financial year, representing 53.40% growth.

This is on the back of increasing inflation which the economy continues to struggle with the rising inflation rate.

Despite the highly challenging global economic and business environment, UBA recorded a profit before tax growth of 37.97%, to close the quarter under review at N61.37 billion, from N44.48 billion recorded in 2022.

Profit after tax (PAT) grew by 29.16% to N53.59 billion in Q1 2023, compared to N41.49 billion recorded the year before.