United Bank for Africa (UBA) Plc on Monday reported gross earnings of N333.9 billion and profit before tax (PBT) of N78.3 billion for the nine months ended September 30, 2017. The gross earnings showed a growth of 26 per cent above the N265.5 billion posted in the corresponding period of 2016, while the PBT indicated a rise of 33 per cent compared with N58.8 billion in 2016, ThisDay Live reports.

According to the bank, this inspiring result was driven by the strong performance of its recurring core revenue lines, thus reflecting the increasing success of the bank’s enhanced customer engagement.

UBA grew its net interest income to N152.3 billion, up from N112.3 billion. Although credit impairment charges jumped from N9.1 billion to N12.9 billion, its profit after tax (PAT) improved by 23 per cent to N60.9 billion above the N49.5 billion posted in 2016.

While the group closed the third quarter with total assets of N3.77 trillion, a year-to-date (YTD) growth of 7.6 per cent, it prudently grew net loans to N1.6 trillion, a 6.0 per cent YTD growth in the loan book.

Commenting on the results, the Group Managing Director/CEO, UBA, Kennedy Uzoka, 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.”

According to him, the bank’s nine-month top-line grew by 26.3 per cent , to an unprecedented N334 billion, driven particularly by the strong performance of its recurring core revenue lines.

“Our investment in digital channels is being rewarded, as our market share of digital banking continues to grow and we have also seen strong momentum in the trade and remittance businesses, where we have doubled the monthly run-rate in fee income, a testament to an increasingly optimistic business and currency environment,” he said.

Also speaking on results, the Group Chief Financial Officer, Ugo Nwaghodoh said the group recorded strong growth across its diversified business segments and geographies.

He said: “Our Africa operations (ex-Nigeria) again grew strongly in the period, contributing a third of top-line and approximately 40 per cent of earnings. As we consistently gain market share in digital banking, remittance and trade flows, we are sustainably growing the non-funded income line, which currently represents 28 per cent of our earnings.”

He explained that whilst high domestic inflation, notably in Nigeria and Ghana, raised external cost pressures, alongside the lag impact of Naira devaluation, the bank remains focused on cost efficiency initiatives.

SOURCE: https://brandspurng.com/ubas-nine-months-profit-grows-by-33-to-n78-billion/

Good

Why e no go grow the amount they charge na die

3tc

na waoh

Forex
They came with a mouth watering offer
Everyone dumped GTB for them
Now their rates are almost same as GTB
Same strategy dangote used

Free money from d government. Majority of d time , dey just need to relax and keep receiving free gov handout.

.

nice

And how much are they paying the staffs that are working their lives out to make this profit?

But you don't provide tangible interest to saving accounts...

Okay, that's a good result

GavelSlam:
All the indices showing growth yet no one applauding the government.

Had it been negative news we would have been counting 9 pages of brickbats.

Inflation reducing, companies and banks announcing profits, naira strengthening, reduction in cost of staples especially rice etc.

Wait for the monkies that have sucked on lemon to react.

. Politicians like you should be flogged. Which inflation is reducing? Who caused the inflation in the first place? Who weaken the naira? How much was a bag of rice before 2015? Who caused the increment? How much are these banks paying their staffs? Applaud the government for creating employment or making the environment comfortable for business men? Maybe you should research and see how many company left Nigeria between 2015 and now. Applaud them for increasing price of petrol from #87 to #140 abi? Or for the corruption in NNPC where the president is the petroleum minister? Or you did not read the news about the recent saga in NNPC? applaud them for creating employment or for returning dollar to $1 to #1 which they promised? Or for unnecessary bank deduction? Monkey like you are supposed to be in Yankari game reserve and Ogba Zoo.

Oh

Window dressing..

This bank is useless... It has nothing to offer .
They wouldn't even give loans to business men n current account holders ..They are relaxed, enjoying government revenue.

Ayam confused

Is it Union Bank of Africa or United Bank of Africa ??

So Phillips Oduoza has handed over to Kennedy Uzoka ?

Bank Head Port Harcourt 2006. Okay..

slimgeez:
This bank is useless... It has nothing to offer .
They wouldn't even give loans to business men n current account holders ..They are relaxed, enjoying government revenue.

Which loan are you going to collect to invest in which sector ?

Will you be able to raise 40% in addition to Principal to pay back to the bank after 12 months ?

Growing profits of Nigerian bank without commensurate growth in the real economy. Issokay.

Why will their profit not grow when they can debit card maintenance like ten times in a month

Did u try to find out how much Zenith pays their staff considering the fact that they are considered the biggest bank in Nigeria

Andy2274:
And how much are they paying the staffs that are working their lives out to make this profit?