UBA PLC FY'15 Earnings - Asset quality defies trend, but still hazy earnings outlook
​UBA reported relatively strong FY’15 earnings, recording 25% y/y growth in PAT with EPS of N1.64 slightly above consensus (N1.62) but below Vetiva estimate (N1.67). Whilst Interest Income rose 19% y/y (2% ahead of our estimate), Non-Interest Income was down 13% y/y (21% behind our forecast), pressured by a 63% q/q decline in Q4’15. With a modest 3% q/q rise in Q4’15, Interest Expense was constrained to a 6% rise y/y – 3% better than our estimate.
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