Plc is the most active stock at the stock market. Against the background of the recent release of the bank’s latest audited results, UBA has seen a pattern of activities that suggests positive investors’ perception.
In one of the reports, Coronation Asset Management analysed three of Nigeria’s five largest banks’ latest results. In the report released at the weekend, the analysts at Coronation Asset Management highlighted UBA’s “robust revenue growth” and its “impressive top-line and bottom-line earnings” and concluded that it has the highest upside potential among its peers. This conclusion was the basis for the investment advisory firm’s “buy” rating.
The top-line performance was driven by three-digit growths across the interest and non-interest incomes as well as growths in the Nigerian and other markets where the bank operates. Interest income rose by 93 per cent while non-interest income grew by 314 per cent. The results showed a banking group with diverse and supportive market growths, thus its resilience to specific market shocks.
FSDH Capital stated that UBA “posted solid financial results for 2023 despite soraing inflation and currency depreciation ravaging markets amidst pockets of regional conflicts and security challenges”. The report noted that the group’s “revenue growth was visible across all segments, with treasury and financial markets segment revenues increasing 207.2 per cent to N498.2 billion in 2023 as against N162.2 billion in 2022”.
“UBA’s earnings, like its peers, were largely impressive, in our view. Looking ahead, we expect the rise in market yields to support interest earnings. For 2024, the group has guided for an improved net interest margin of 7.5 per cent,” Coronation Asset Management stated. “Driven by our customer service and execution-led delivery model, we will continue to expand our market share and create value for our shareholders and meet the expectations of our various stakeholders,” Alawuba said.
“We expect to keep non-performing loans at 4.5 per cent for the 2024 full year. This commitment to credit quality is to further strengthen our ability to support our customers, protect shareholders’ value while contributing to overall economic activity, even in a dynamic economic environment,” Alawuba said.
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