UBA hits gross earning of N374 billion

The United Bank for Africa Plc has announced its unaudited 2018 Third Quarter Financial Results with impressive growth in Gross Earnings of N374.8 billion. The performance represents a 12.3 percent increase when compared to N333.9 billion recorded in the corresponding period of 2017. From left: Group Managing Director/CEO, United Bank for Africa(UBA) Plc, Mr. Kennedy Uzoka; Group Chairman, Mr. Tony Elumelu; Company Secretary, Mr. Bili Odum and Group Deputy Managing Director, Mr. Victor Osadolor, at the 56th Annual General Meeting of the bank held in Lagos, According to the bank’s report filed at the Nigerian Stock Exchange (NSE) UBA’s net operations improved 1.7 percent year-on-year to N227.7 billion, when compared to N224 billion achieved in the similar period of 2017. UBA’s operating expenses increased by 2.3 percent to N149.1 billion, compared to N145 billion recorded in the same period of last year. The bank posted a Profit Before Tax of N79.1 billion whilst Profit After Tax stood at N61.7 billion. Local media reports noted that the profit performance puts the bank’s annualized return on average equity at 16 percent and 20 percent at pre-tax and post-tax profit level respectively. The report added that the bank continues to maintain a very strong balance sheet, with total assets of N4.51 trillion, an impressive 10.8 percent year-to-date rise over the N4.07 trillion total asset recorded as at December 2017. The report stated that the Group Managing Director/CEO, UBA Plc, Mr. Kennedy Uzoka, said: “We achieved a number of strategic imperatives during the quarter and committed more investments in the future of the business – building a solid foundation for a sustainable and superior return to our shareholders.” Uzoka said that he was pleased that the Bank’s Virtual Banking Chatbot, Leo, which debuted on Facebook earlier in the year, was successfully launched on WhatsApp during the quarter. “This new channel offering, which enables our customers to fulfill their banking transactions through simple chat commands, is another premier initiative in our suite. The early pay-offs are quite compelling – recent customer acquisitions and broader transaction volume growth are exciting leading indicators that reinforce our confidence in these novel channels,” he said.

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