United Bank Africa Gains 9th Day After Forecasting Higher Net

April 30 (Bloomberg) --United Bank for Africa Plc, a Nigerian lender with operations in 19 countries, rose for a ninth day after forecasting higher first-half profit.

The stock gained 17 kobo, or 4.8 percent, to 3.74 naira by 10:59 a.m. in Lagos. A close at this price would be the highest since Oct. 13. The shares have advanced 44 percent this year.

Profit after tax for the six months through June is expected to be 26.6 billion naira ($169.3 million), with gross earnings of 113.4 billion naira, the Lagos-based lender said on the Nigerian Stock Exchange’s website today. The bank, known as UBA, didn’t give year-earlier figures. First-half net income last year was 8.2 billion naira, according to data compiled by Bloomberg.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.