United Bank of Africa | The benefits of diversification
UBA's FY '17 EPS growth of 8.8% yoy compared favourably to its similar sized peer, Access Bank (-13.0% yoy). UBA's diversified pan-African strategy benefitted the group as strong growth in the ex-Nigeria business (which now accounts for 45% of PBT) offset muted growth in Nigeria (higher provisions). Continued improvements in ex-Nigeria profitability underpins our investment thesis in UBA and therefore, the results are encouraging. Moreover, we are confident in management's ability to continue the trend.
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