UBA records N79bn profit before tax

…As total assets hit N4.5trn
United Bank of Africa Plc has retained a remarkable growth in profitability for the unaudited nine months financial result and accounts September 30, 2018, with profit before tax closing at N79 billion.

The pan-African financial institution reported N78 billion amid a challenging environment.

The financial institution in its result to The Nigerian Stock Exchange (NSE) on Tuesday also reported N61.7 billion in nine months ended September 2018 from N60.9 billion reported in prior nine months of 2017.

Interest income rose by nearly 13 per cent to N268.9 billion from N238.09 reported in nine months of 2017 while interest expenses moved from N85.8 billion to N118 billion reported in nine months of 2018.

Operating income marginally gained 0.6 per cent to N238.36 billion in nine months ended September 30, 2018 from N236.9 billion reported in nine months of 2017.

From the group income statement, total operating expenses rose by 2.3 per cent to N149.1 billion from N145.7 billion.

Interestingly, the group’s total assets gained 10.8 per cent to N4.5 trillion as at September 2018 from N4.1 trillion reported in 2017, attributable to 16.24 per cent increase in Deposits from customers to N3.18 trillion as against N2.7 trillion reported in 2017.

While reacting on the group audited half year ended June 30, 2018 results, the GMD/CEO, Mr. Kennedy Uzoka, said: “Our performance demonstrates the success of our digital banking initiatives and broader Customer-First strategies.

“We are integrating banking into our customers’ lifestyle, simplifying processes for routine transactions and driving financial inclusion by making banking services accessible and affordable.

“We are creating opportunities for wealth creation and economic progress, as we empower our customers, through innovative platforms and solutions that support their personal and business growth.

“Our commitment to delivering excellent service is paying-off, as we increasingly win a bigger share of customers’ wallet across our chosen markets.

“Our network provides earnings diversification and an increasing ability to benefit from group synergies, driving our capability to leverage the scale and scope economies – the rapid rollout of the Leo digital banker in eighteen markets, is just one example of how we can implement new products and services across Africa.

“We are re-engineering our global offices in New York, London and Paris, as the recent upgrade of our London presence brings significant new opportunities to serve global and African businesses.”