Leading bank records 17% growth in gross earnings, N48.8 billion profit after tax in Q3

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October 16, 2015 5:31 PM

The third quarter results also reveal Net Operating Income (NOI) came in at a strong 21% growth to close at N167.4 billion.

Phillips Oduoza, MD/CEO UBA

One of Nigeria’s leading commercial banks, United Bank for Africa (UBA) Plc. yesterday, released 9 months of unaudited financial results for 2015 showing a strong 44% rise in profit after tax to N48.6 billion and a 17% rise in gross earnings to close at N247.2 billion.

The cost to income ratio remained within management's guidance of 65%, compared to 68.7% in the same period of 2014.

In other figures, the bank closed the third quarter with total assets of N2.87 trillion, a loan book of N1.01 trillion and a deposit base of N2.18 trillion.

“We have continued to sustain our financial performance in 2015, leveraging our unique pan-African platform and the strength of our committed work force in gaining competitive edge in the market place,”Phillips Oduoza, group managing director/CEO, UBA Plc. said.

READ: Pan-african bank hits 40% profit at half-year earnings report

He also attributed the impressive performance of the Bank to enhanced balance sheet efficiency and improving extraction of value from the Bank's channels. “We have also maintained our discipline on how, where and with whom we do business and I am happy with the results, as reflected in our earnings and asset quality” said Oduoza, according to Nigerian CommunicationsWeek.

The UBA Group operates in 19 African countries, as well as New York, London and Paris. The Group also provides a range of banking services to over 8 million retail and corporate customers across the continent and the rest of the world.

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