HH Capital Limited, a Company founded by the Board Chairman of UBA Plc Mr. Tony Elumelu has acquired additional 19.338,220 million shares worth N162.44 million in the company.
This was contained in a notice of share dealing by an insider to the Nigerian Exchange Limited.
The acquisition of 19,338,220 million shares represents 0.06% of the company’s total outstanding shares of the company.
With the acquisition, HH Capital has increased its number of shares from 140,843,816 units of shares as of December 31, 2022, to 230,182, 036 units.
HH Capital Limited had earlier acquired an additional 70 million shares worth N560 million in the company, representing 0.2% of the company’s total outstanding shares of the company.
Elumelu’s indirect holdings now stand at 2,275,272,404 units of shares, from 2,185,934,184 as of December 31, 2022, while his direct holdings remained at 194,669,555 units of shares.
The notice signed by Bili A. Odum, Group Company Secretary/Legal Counsel indicated that HH Capital Limited on May 24th, 2023, purchased 19,338,220 units of UBA Plc at an average price of N8.40 per share valued at N162,441,048 million.
According to details of the transactions made available by NGX Limited, Elumelu owns the investment as an indirect shareholding through HH Capital Limited.
Elumelu who remained the Pan African bank’s single largest shareholder, now accounts for about 7.22% of its total shareholding structure.
UBA closed its last trading day on Thursday, May 25, 2023 at N8.75 per share on the Nigerian Stock Exchange (NGX), recording a 0.6% gain over its previous closing price of N8.70. United Bank for Africa began the year with a share price of N7.60 and has since gained 15.1% on the price valuation
United Bank for Africa says that it recorded N201 billion profit before tax in its 2022 financial period.
The bank disclosed this in a statement on its audited financial results for the full year ended December 31, 2022.
It said, “Despite the highly challenging global economic and business environment, UBA recorded a laudable profit before tax, with a 31.2% growth, to close the year under review at N200.8 billion, rising from N153.01bn recorded at the end of the 2021 financial year; while profit after tax grew by 43.5% to N170.2bn in 2022, compared to N118.7 billion recorded the year before.
“Consequently, UBA Group shareholders’ funds rose to N922.1 billion, as of December 2022, achieving an impressive growth by 14.6%, compared to the prior year.”
The gross earnings rose significantly to N853.2 billion from N660.2 billion recorded at the end of the 2021 financial year, representing a strong 29.2% growth.
UBA a recorded 47.5 per cent growth in gross earnings from N183.9 billion in March 2022 to N271.2bn in the first quarter of 2023.
According to its Q1 unaudited results earlier released to the Nigerian Exchange Limited (NGX), UBA recorded remarkable growth across all its major income lines. Its Interest Income rose from N125.9bn as at March 2022 and grew by 53.4% to N191.9bn by March 2023.
UBA’s Operating Income rose by 39.6% to N175.7bn from N125.9bn year on year.
The group then recorded a rise in its Profit Before Tax (PBT) by 38.2% to N61.4bn in Q1 2023 from N44.5bn in Q1 2022. Its Profit After Tax (PAT) rose from N41.5bn to N53.6bn, a 29.1% growth rate.
Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Mr Oliver Alawuba, said despite the high inflationary and challenging global environment, UBA was able to leverage the uptick in interest rates and improved digital offerings among others
He said, “We have continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 10.5% growth in customer deposits to N8.6 trillion from N7.8trn at the end of 2022 financial year.
“For 2023, we remain committed to improving the group’s performance as we strategically position our entities to take advantage of emerging developments within their jurisdictions and across the globe.
We will continue to deliver excellent rewards to our stakeholders,” Alawuba said.
UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the performance demonstrates the group’s resilience towards enhancing the confidence of its customers, stakeholders and the wider public notwithstanding the competitive landscape and current global trend in the industry.
