- The United Bank for Africa Plc has reported a 5.98 per cent growth in gross earnings for the nine months ended September 2020.
The United Bank for Africa Plc has reported a 5.98 per cent growth in gross earnings for the nine months ended September 2020.
Its unaudited financial statements obtained from the Nigerian Stock Exchange showed a gross earnings of N454.39bn, up from N428.74bn in the same period of 2019.
The group reported a profit after tax of N77.13bn in 2020, 5.51 per cent lower than the N81.63bn recorded in 2019, while profit before tax fell to N90.37bn from N98.23bn.
UBA had said its financial results for the half-year ended June 30, 2020 showed a growth across key performance indices as well as increased contribution from its African subsidiaries.
The group recorded N2.2tn in net loans to customers in H1 2020, representing a 6.1 per cent growth even as deposits from customers increased by 25.2 per cent to N4.8tn.
As at June 30, 2020, the bank’s total assets surpassed the N6tn mark as it leaped to N6.8tn. Operating income also grew by 7.7 per cent to N197.1bn, compared to N182.9bn while profit before tax stood at N57.1bn, down from N70.3bn in 2019.
Commenting on the results, UBA’s Group Managing Director/Chief Executive Officer, Mr Kennedy Uzoka, said “Our 2020H1 results is yet another demonstration of the resilience of our business model in an extremely uncertain and tough operating environment.
“We recorded commendable growth in our underlying business in terms of customer acquisition, transaction volumes and balance sheet whilst inflation, depressed yield environment and exchange rate volatilities impacted our net earnings as anticipated.”
