Finance

UBA's profit fell by 21.7% in H1 2020

Friday, 11 September 2020 16:36
UBA's profit fell by 21.7% in H1 2020

(Ecofin Agency) - United Bank for Africa (UBA) reported a net operating profit of 44.4 billion naira ($116.1 million) in the first half of 2020. The figure is down 21.7% compared to the same period in 2020.

In a context marked by the covid-19 and a 151.6% increase in provisions for credit risks, UBA nevertheless emerged with a net banking income of 150 billion naira ($ 391.6 million) up 5.6% compared to 2019. Its operating margins were dragged down by an increase in personnel and general operating expenses. The bank had to reduce its staff to cope with the situation.

The number of people paid as employees has fallen from 13,237 to 11,200. On the other hand, compensation increased for several of those who remained. The number of people whose salary ranges from 2.8 million to 6.8 million naira increased to 4,169 from 1,649 at the end of the first half of 2019.

UBA had to take measures to adapt to the new context imposed by the coronavirus. During the period under review, the Group acquired 362.2 billion naira ($950.2 million) of marketable debt securities, mainly treasury bills from the Nigerian government, and increased its debt repayment amounts.

Idriss Linge



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.