UBA’s Nine-month profit rises by 37%

United Bank for Africa (UBA) Plc has reported a 37% rise in Profit before Tax for the nine months to September 30, 2021. In a report it filed on Monday to the Nigeria Exchange, UBA said profit before tax rose to N123.4 billion compared to N90.4bn in Q3 of 2020, while profit after tax rose […]

United Bank for Africa (UBA) Plc has reported a 37% rise in Profit before Tax for the nine months to September 30, 2021.

In a report it filed on Monday to the Nigeria Exchange, UBA said profit before tax rose to N123.4 billion compared to N90.4bn in Q3 of 2020, while profit after tax rose by 36% to N104.6bn from N77.1bn.

Annualised return on average equity reaching 19.2% from 16.4% in Q3 2020, the bank said.

The bank recorded growth across all its major indices, replicating the commendable performance it achieved in the first two quarters of the current fiscal year.

Its Gross Earnings rose to N490.3bn, up from N454.4bn recorded in September 2020, while Operating income grew by 13% year-on-year to close at N331.7bn as at September 2021, up from N293.7bn achieved a year earlier.

Total Assets was N8.3 trillion, an 8% increase over the N7.7tr recorded at the end of December 2020, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N6.1tr, representing a 7.2% increase from N5.7tr last year period.

Commenting on the results, the Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said, “Once again, the bank has shown resilience in delivering on its commitment to shareholders, stakeholders, and the investing public, evident in the strong positive financial metrics recorded in the reporting period.

On expectations, Uzoka said, “We will continue to remain a bank holding company, leveraging on our robust balance sheet and diverse customer base to deliver (above the expectation of our shareholders) sound rewards to our shareholders.”