United Bank for Africa has reported a 10.8 per cent growth to N4.51trillion in total assets for the third quarter ended September, 30 2018.
According to the report filed to the Nigerian Stock Exchange over the weekend, the bank’s customers’ deposit grew by 16.2 per cent to N3.18trillion, compared to N2.73 trillion as at December 2017. Gross earnings stood at N374.8 billion, a 12.3 per cent increase when compared to N333.9 billion recorded in the corresponding period of 2017.
Net operating income improved by 1.7 per cent year-on-year to N227.7 billion, when compared to N224 billion achieved in the similar period of 2017.
Amidst inflationary pressures and uncertainties undermining the business environment in Nigeria and a few other countries in Africa, UBA’s operating expenses increased by 2.3 per cent to N149.1 billion, compared to N145 billion recorded in the same period of last year.
Overall, the Bank posted a Profit before Tax of N79.1 billion whilst Profit after Tax stood at N61.7 billion. This profit performance puts the Bank’s annualized return on average equity at 16 and 20 per cents at pre-tax and post-tax profit level respectively.
The shareholders’ fund remained strong at N509.3 billion, even as the implementation of International Financial Reporting Standard 9 moderated the Group’s equity by 3.8 per cent year-to-date.
Commenting on the result, the Group Managing Director and Chief Executive of UBA Plc, 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 sustainable and superior return to our shareholders.”
“Our franchise is increasingly renowned for financial solution and I am happy with the consistent growth in our businesses across the continent. We have grown balance sheet by 11 per cent year-to-date to over N4.5 trillion.
“Notwithstanding the statutory-induced cost growth, our earnings proved resilient, as we recorded nine-month profit before tax of N79 billion.
“Notwithstanding the macro-risk arising from upcoming elections in Nigeria, our single largest market, we are confident of finishing the year strong,” Uzoka stated.
