United Bank for Africa (UBA) Plc, has released its unaudited 2020 third quarter financial results, with impressive growth in gross earnings, which rose to N454.4 billion, from N428.7billion recorded in September 2019.
According to the report filed with the Nigerian Stock Exchange (NSE) at the weekend, UBA reported a Profit Before Tax of N90.4 billion compared to N98.2 billion recorded at the end of the third quarter of 2019. Similarly, it recorded an after-tax net profit of N77.1 billion, to put its annualised return on average equity at 16.4 per cent.
The bank’s Operating income rose by 10.4 per cent year-on-year to close at N293.7 billion, up from N265.9 billion achieved in the corresponding period of 2019.
UBA continues to maintain a very strong balance sheet, with Total Assets of N7.1 trillion, a 26 per cent increase over the N5.6 trillion recorded at the end of December 2019. The bank had benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, as Customer Deposits leaped to N5.2trillion from N3.8 trillion at the end of the last financial year.
This was as shareholders’ funds remained very strong at N655.3 billion, rising by 9.6 per cent from N598.0 billion recorded in December 2019, thus reflecting a strong capacity for internal capital generation and growth.