Q3:UBA RECORDS 44% GROWTH IN PROFIT AS GROSS EARNING RISES

Pan-African financial services group, United Bank for Africa (UBA) Plc, days ago, released its 9 months 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 N247.2 billion.

The third quarter results also show Net Operating Income (NOI) recorded a strong 21% growth to N167.4 billion. The cost to income ratio remained within management’s guidance of 65%, compared to 68.7% in the corresponding period of 2014, as UBA continued to focus on improving operational efficiencies to deliver superior return to its shareholders.

In other indices, UBA closed the third quarter with total assets of N2.87 trillion, 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” said Phillips Oduoza, the Group Managing Director/CEO, UBA Plc