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UBA posts N454.4 billion gross earnings in nine months

By David Oladele

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GMD, UBA, Kennedy Uzoka
GMD, UBA, Kennedy Uzoka

United Bank for Africa (UBA) has posted gross earnings increased from N428.7 billion in September 2019 to N454.4 billion in 2020, indicating 5.99 percent asset growth during the period.

This was contained in the bank’s financial results for the nine-month period ending September 2020 to the investing public.

According to the bank’s unaudited Q3/2020 results posted on the Nigerian Stock Exchange (NSE)’s website, the profit before tax fell slightly compared to Q3 2019, from N98.2 billion to N90.4 billion

Also, the bank’s profit after tax stood at N77.1 billion; thus putting the annualised return on average equity at 16.4 percent.

The total assets grew to N7.1 trillion, a 26 percent increase from the N5.6 trillion recorded at the end of December 2019.

According to the bank, shareholders’ funds grew by 9.6 percent to N655.3 billion from N598 billion recorded in December 2019, thus reflecting a strong capacity for internal capital generation and growth.

Speaking about the results, UBA’s Group Managing Director, Kennedy Uzoka, said: “In spite of the current turbulence in the operating environment, occasioned by the global pandemic, we have continued to record significant progress in our business segments”.

“Our direct sales agents, agency banking network, and digital banking propositions have positioned us at the forefront of financial inclusion across geographies where we operate.”

 “Whilst the outlook for the rest of 2020 is expected to remain challenging, our diversified model provides sufficient resilience, enabling us to continue to delight our customers with innovative banking products within our robust risk management framework”.

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On his part, UBA’s Group CFO, Ugo Nwaghodoh, said: “We achieved substantial growth in the underlying business, having grown loans by 15.6 percent (N2.4 trillion) and deposits by 35.7 percent (N5.2 trillion) within the period as interest and fee income from loans settled at N172.9 billion and N8.9 billion respectively”.

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