United Bank for Africa, the pan-African financial institution with an extensive network spanning 20 African countries,
the United Kingdom, the United States and having a presence in France, recorded successful
impressive in its unaudited third quarter 2019 financial results, with a
significant growth in gross revenues, which reached US$1.18 billion, an increase of 14.2%
compared to US$1.04 billion recorded in September 2018.
UBA's pre-tax profit increased 24.2% to US$271.2 million from US$218.46
million in the same period of 2018. Similarly, its profit after tax also
increased by 32.3%, from US$170.4 million in September last year to US$255.45 million in
during the same this year. This impressive performance puts the annualized return of the funds
the Bank's equity at 20.6%.
According to the report filed Monday with the Nigerian Stock Exchange (NSE), UBA's net operating income
increased by 11.6% year-on-year to reach US$734.62 million, compared to US$658.31 million in
during the same period of 2018.
Despite the double-digit inflation rate recorded in Nigeria (its largest market) and the uncertainties
related to the business environment in Nigeria and other African countries, operating expenses
UBA's mastery grew only 8.4%, and this was largely due to costs related to the
regulations.
The Bank continues to maintain a very strong balance sheet, with total assets of US$13.70 billion, up
compared to US$13.45 billion recorded in December 2018. Customer deposits also increased
increased to US$9.31 billion. Equity remained very strong at US$1.53 billion, in
increase of 10.5% and reflecting a strong ability to generate capital internally.
Commenting on the results, Kennedy Uzoka, Group Managing Director, UBA Plc, said:
“The resilience of our business model and our targeted growth in productive assets have generated a
growth in interest income of 10.8%. In addition to the rentable income realized on the generating assets
interest income, we also recorded growth of 22.1% in non-interest income
interest, primarily due to the increased penetration of our digital banking offerings
premium quality, credit expansion, money transfers and other related transactional services
to lifestyle".
"UBA remains committed to its vision of becoming the undisputed leader among financial services institutions in
Africa. We will continue to innovate and lead all of our business lines, while ensuring efficient
first-class operations and unparalleled customer service. We begin to realize the first
benefits of our ongoing transformation program and I am truly excited for the days ahead.
come,” Mr. Uzoka said.
The Group's Chief Financial Officer, Ugo Nwaghodoh, also said: "With the results achieved in
During the quarter under review, the bank remains on track to achieve its objective in terms of
results for the year. We were able to increase the loan portfolio by 14.7% (which is well above
to our forecasts) by focusing on the growth poles of the various economies in which
we operate. We have also developed new credit products aimed at
specific segments of the consumer and SME market, and will continue to do so in strict compliance with the best credit/underwriting standards, while striving to meet the legal threshold
loan-to-funding ratio set by the central bank".
UBA is a leading African banking industry with operations in 20 African countries. The bank is
also present in the world's financial centers: United States, United Kingdom, with a
representation in France. UBA provides banking services through various channels to more than 17 million
customers around the world.