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UBA Reports Gross Earnings of N168 billion After 9 Months

By on October 16, 2012

UBA

 

UBA Plc, Nigeria’s fifth largest bank by market capitalization reported its third quarter earnings to the Nigerian Stock Exchange yesterday.

The company reported:

  • Profit before Tax was N44.86billion, compared with N9.42billion (an increase of 376.22%)
  • Profit after Tax was N39.12billion, compared with N7.39billion (an increase of 429.71%)
  • Reported Net Operating Income was N121.80billion, compared with N104.08billion (an increase of 17.02%)

Balance Sheet for 9M, 2012 compared with Audited 2011 year end account:

  •  Net Loan Portfolio was N711.89billion, compared with N690.41billion (an increase of 3.11 %)
  • Total Assets were N2.162trillion compared with N1.946trillion (an increase of 11.11%)
  • Customer Deposits and Managed Funds N1.651trillion compared with N1.487trillion (an increase of 11.23 %)

 

Speaking on the performance of the bank from the headquarters in Lagos, Mr. Phillips Oduoza said, “We continue to pursue our unique strategy of creating a diversified business in terms of geography and earnings mix.

In Nigeria, we recorded an impressive growth in deposits, whilst keeping funding costs relatively low, despite the interest rate rises during the third quarter. We also saw increased contributions across key financial parameter in our pan Africa business.

“This combination of scale and depth is keeping us on target to deliver on all key performance guidance we set for this year”