No gain, no loss as UBA declares half year earnings
The United Bank for Africa, UBA, has not made any progress, financially, since around this time last year. And that’s according to their audited 2016 half year results.
The bank, on Thursday, declared a total of N166 billion in gross earnings and N40 billion profit before tax for January-June 2016.
While those may not be very poor, they do not show progress either.
This year’s result seem to be a replica of last year’s.
The bank, in 2015, declared N166.9 billion in gross earnings, about a billion higher than the current year’s. But it turned in a profit after tax of N39 billion.
Obviously, what the bank lost in gross earnings, it made up for in profit.
That’s the kind of progress stakeholders would be happy about, although they definitely will be happier with more money.
