African arms lift UBA profit by 40% in Q3

Pan African financial institution, United Bank for Africa (UBA) Plc, has announced its unaudited third quarter financial results ended September 30, 2017, showing remarkable performance across key financial indicators.

UBA’s gross earnings grew by 26 percent to N333.9 billion, as against N265.5 billion reported in September 2016.

The group’s operating income stood at N236.9 billion, compared to N183.3 billion recorded in the corresponding period of 2016, representing a 29.3 percent growth. The group also delivered an impressive profit before tax (PBT) of N78.3 billion, marking a significant growth of 33.2% as against N58.8 billion recorded in the same period of 2016.

In the same vein, Profit after Tax (PAT) grew to N60.9 billion representing an impressive 23% growth over the N49.5 billion recorded in the third quarter of 2016. While the group closed the third quarter with Total Assets of N3.77 trillion, a YTD growth of 7.6 percent. It prudently grew net loans to N1.6 trillion, a 6.0 percent YTD growth in the loan book.

Commenting on the result, Kennedy Uzoka, the Group Managing Director/CEO, said, “These extremely positive third quarter results are an attestation of our ability to sustainably grow earnings and market share, notwithstanding the challenging operating environment. They are a tribute to our enhanced customer engagement and focus on continuous improvement in service quality.”

He said, “Our Africa operations (ex-Nigeria) again grew strongly in the period, contributing a third of topline and approximately 40% of earnings.”

He further noted that the bank’s nine-month topline grew by 26.3%, to an unprecedented N334 billion, driven particularly by the strong performance of its recurring core revenue lines.