UBA records increase in profit in Q3 2019

United Bank for Africa Plc (UBA) has reported a 32.3% increase in its profit after tax for the period ended 30 September 2019.

This was disclosed in the lender’s interim financial statements published earlier today on the website of the Nigerian Stock Exchange.

The financial statement shows that the UBA generated N158.91 billion in net interest income over the past nine months of 2019. This is indicative of 5.45% increase compared to N150.69 billion which was generated in Q3 2018. The bank also generated a net fee and commission income of N63.29 billion for Q3 2019 as against N50.53 billion for the same period in 2018. This represents approximately a 25.25% increase.

The Company’s profit before tax for the period under consideration increased by 24.16% to N98.23 billion, up from N79.11 billion in Q3 2018, while profit after tax also increased by 32.3% to N81.62 billion in Q3 2019, up from N61.69 billion in Q3 2018.

The company’s earnings per share for the period stood at N2.32, as against N1.72 in the third quarter of 2018.

Early this year, UBA wanted to open a new branch in Mali. Maimouna El Oumarany, a Spokeswoman for UBA’s Malian subsidiary, said the plan was in line with the bank’s moves to extend its footprint in a region where it already operates in several countries.

United Bank for Africa, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France.

UBA serves over 17 million customers across the globe with more than 1000 branches and touchpoints. In 2018, the bank received the award of Africa’s Best Digital Bank by the Banker’s Magazine.