UBA Grows Nine Months Net Profit by 32.3% as Earnings Rise to N428bn

Date:

The United Bank for Africa (UBA) Plc has reported a jump of 32.3 per cent in profit after tax (PAT) for the nine months ended September 30, 2019. Gross earnings rose 14.2 per cent to N428.22 billion in 2019, from N374.8 billion in 2018.

Thank you for reading this post, don't forget to subscribe!

Profit before tax (PBT) grew by 24.2 per cent to N98.2 billion, up from N79.1billion in the same period of 2018, while PAT grew faster by 32.3 per cent from N61.69 billion to N81.63 billion in 2019.

This profit performance put the bank’s annualised return on average equity at 20.6 per cent.

Despite the double digit inflation rate in Nigeria(its largest market) coupled with uncertainties in the business environment in Nigeria and in some countries in the rest of Africa, UBA’s curtailed operating expenses only increased by 8.4 per cent and this was largely due to regulatory costs.

Also, UBA continued to maintain strong balance sheet, with total assets of N4.96 trillion, an increase over the N4.87 trillion recorded in December 2018. Customer deposits also grew to N3.37trillion, while shareholders’ fund remained very strong at N555.53 billion, rising by 10.5 per cent and reflecting a strong capacity for internal capital generation.

Commenting on the results, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said: “The resilience of our business model and our focused growth of earning assets have yielded a 10.8 per cent growth in interest income. In addition to the commendable yield on interest earning assets, we also achieved a 22.1 per cent growth in non-interest income, driven largely by the increased penetration of our superior digital banking offerings, credit expansion, remittances and other lifestyle transactional services.”

“UBA remains committed to its vision of becoming the undisputed leading and dominant financial services institution in Africa. We will continue to innovate and lead in all our business segments, whilst delivering top-notch operational efficiencies and best-in-class customer service. We are beginning to realise early gains from our ongoing Transformation Program and I am indeed excited about the days ahead,” Uzoka stated.

Also speaking the Group Chief Financial Officer, UBA, Ugo Nwaghodoh said: “With the results achieved in the quarter under consideration, the bank remains on track to deliver its earnings target for the year. We were able to grow the loan book by 14.7 per cent, (well ahead of our guidance) focusing on growth poles of various economies in which we operate.”

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

“This entertainment industry is so dark cos people in it are so vile – Actress Uche Ogbodo

March 19, 2024. Azonuchechi Chukwu. Actress Uche Ogbodo has said the...

SSANU begins 7-day warning strike

March 19, 2024. Azonuchechi Chukwu. The Senior Staff Association of Nigerian...

Gunmen kill church general overseer and pastor in Akwa Ibom

March 19, 2024. Azonuchechi Chukwu. Gunmen have killed the founder of...

Police Arrest 16-year-old boy for defiling schoolmate in Port Harcourt

March 19, 2024. Azonuchechi Chukwu. The Rivers State Police Command has...

Discover more from Naija247news

Subscribe now to keep reading and get access to the full archive.

Continue reading