UBA grows profit by 23% in nine months

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By Abiodun Folarin, Abuja

United Bank for Africa (UBA) Plc has released its third quarter results for the period ended September 30, 2017 with a profit after tax of N60.9 billion, a 23 percent increase from the same period of 2016.

The results released on Monday to the Nigerian Stock Exchange (NSE) also showed gross earnings stood at N333.91 billion from N265.5 billion, a growth of 26 per cent.

The banking group’s profit before tax increased by 33.2 per cent which is N19.53 billion to N78.33 billion as against N58.79 billion in the corresponding period while net interest income stands at N152.29 billion from N112.07 billion.

Its interest income declined to N238.09 billion compared to N265.53 billion in 2016, while interest expenses stood at N85.79 billion from N70.92 billion in 2016.

As the non-interest income rose to N84.60 billion from N71.19 billion, fees and commission surged to N57.89 billion from N56.22 billion recorded in the corresponding period.

Similarly, total assets increased to N3.77 trillion from N3.50 trillion in 2016, while total liabilities rose to N3.26 trillion from N3.06 trillion in the comparative period of 2016.

Loans and advances to customers grew to N1.08 trillion from N970.39 billion reported in the preceding period.

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