Nigeria’s UBA Bank registers a nine-month profit of US$226m

NIGERIA – United Bank for Africa Plc, a leading pan-African financial services group based in Nigeria has a profit after tax of US$225.73 million (N81.63bn) for the nine months ended September 30, 2019.

The pan-African bank said that this profit was a 32 per cent increase over US$170.65 million (N61.69bn) reported in nine months of 2018.

UBA disclosed that this in its unaudited results filed with the Nigerian Stock Exchange in October this year.

The financial results further revealed that he bank’s revenue grew by 5.5 per cent to US$439.59 million (N158.91billion) from US$416.87 million (N150.70 billion) in the previous quarter, while its profit before tax grew by 24.2 per cent to US$ 271.73 million (N98.23 billion).

Its net assets also grew by 1.9 per cent to N4.96bn from US$ 13.72 million (N4.87 billion) as at September 30, 2019.

UBA’s Chairman, UBA, Mr Tony Elumelu, was earlier quoted saying that said at the the group was set to change the narrative of banking and would thus strengthen the earnings growth trajectory through its positive contribution in all the countries where it operates.

Mr. Elumelu said, “We are optimistic about the policy environment in most African economies where we operate as we expect the diligent implementation of fiscal policies to help stimulate inclusive economic growth, ease macro pressures and lower the cost of doing business.

He further added that he was very optimistic that UBA will sustain the strong growth trajectory, as it continues to gain market share across Africa, leveraging on its core values of enterprise, excellence and execution.

UBA has been operating in Africa since 1949 and has over the years expanded its operations and currently has a physical presence in over 20 African countries.

It also has three global centers in New York, London and Paris and is believed to have over 14 million customers who receive services from its over 1000 business offices and customer touch points globally.

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