UBA Announces Gross Earnings of N375 Billion in Q3

• UBA Announces Gross Earnings of N375 Billion in Q3

One of Nigeria’s biggest lenders, United Bank for Africa Plc, has announced 12.3 percent increase in its gross earnings for the third quarter of 2018.

According to the report published through the Nigerian Stock Exchange on Monday, the bank generated gross earnings of N374.8 billion in the third quarter, representing an increase of 12.3 percent from the N333.9 billion recorded in the corresponding period of 2017.

Operating profits climbed 1.7 percent year-on-year to N227.7 billion, up from N224 billion filed in the similar period of 2017.

Despite inflationary pressures and growing uncertainties that undermined businesses during the quarter in Nigeria and the world at large, United Bank for Africa was able to up its operating capital by 2.3 percent from the N145 billion recorded in the same period last year to N149.1 billion in 2018.

The lender posted profit before tax of N79.1 billion, while profit after tax stood at N61.7 billion during the third quarter.

According to the lender: “Another strong indication of the growth of the bank and more so, acceptance of the franchise across Africa is the remarkable 16.2 per cent year-to-date growth in customer deposits, which grew to N3.18tn, compared to N2.73tn as of December 2017. The shareholders’ fund remained very strong at N509.3bn, even as the implementation of the International Financial Reporting Standard 9, moderated the group’s equity by 3.8 per cent year-to-date”.

The bank total assets stood at N4.51 trillion, a 10.8 per cent year-to-date rise over the N4.07tn recorded as of December 2017.

“This profit performance puts the bank’s annualised return on average equity at 16 per cent and 20 per cent at pre-tax and post-tax profit levels, respectively,” the bank added.