UBA PLC - Strong Q1 performance, despite tough operating environment
​Having reported a relatively weaker performance in Q4’15, UBA started 2016 on a very strong note - beating our estimates across all the key line items as top and bottom line came in 5% and 53% ahead of our estimates respectively. Although Gross Earnings was down 11% y/y to N74 billion, the top line figure was 10% stronger when compared to Q4’15. Whilst Non-Interest Income came in 2% behind our estimate, a better than expected Interest Income (N54.9 billionvs. our N53.7 billion estimate) ensured that Gross Earnings came in 5% ahead of our estimate. With a modest 50bps moderation in CoF to 3.5%, Interest Expense was 10% better than our estimate – down 26% y/y and 11% below Q4’15.
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