Bloomberg News

United Bank for Africa Gains on Bets Stock Price to Hit 10 Naira

April 27, 2012

United Bank for Africa Plc, a Nigerian lender with operations in 19 countries, gained the most since Feb. 17 as investors expect the stock price to reach about 10 naira on the profit target for 2012, Kundila Finance said.

The stock rose by the daily limit of 5 percent to close in Lagos at 3.57 naira, the highest since Oct. 14

UBA, as the lender is known, expects a full-year profit of 50 billion naira ($317 million), Raheem Mohammed, chief operating officer of Kundila, said today, citing Phillips Oduoza, the bank’s managing director, who spoke to stockbrokers in Lagos. “That will put it in the same bracket with other banks with prices of about 10 naira,” Mohammed said.

First-quarter profit after tax more than tripled to 13.8 billion naira from 3.9 billion naira a year earlier, the lender said on April 19.

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

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net


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