(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.