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Nigeria’s UBA Jumps to Six-Week High on Profit: Lagos Mover

May 14 (Bloomberg) -- United Bank for Africa Plc, the Nigerian lender operating in 22 countries, rose for a third day to the highest in six weeks after saying first-quarter profit advanced 33 percent.

The shares climbed as much as 1.8 percent and traded 0.4 percent higher at 8.23 naira by the close in Lagos, the commercial capital where UBA is based, the highest since April 3. More than 33 million shares were traded, or 1.1 times the three-month daily average.

Net income for the three months through March increased to 16.3 billion naira ($104 million) from 12.3 billion naira a year earlier, it said yesterday in a filling to the Nigerian Stock Exchange. Revenue rose to 62.8 billion naira from 52.4 billion naira.

Return on equity was 29.5 percent, according to data compiled by Bloomberg. That figure “beats the 16 to 20 percent of most banks,” Bunmi Asaolu, an analyst at Lagos-based FBN Capital Ltd., said by phone today from Lagos.

The stock has risen 88 percent this year, outpacing a 23 percent increase in the Nigerian SE Banking Index, which tracks the nation’s 10 most-capitalized lenders.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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