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UBA records N211bn gross earnings in nine months

By on October 28, 2014

United Bank for Africa (UBA) Plc, one of Africa’s leading banks, last Friday announced gross earnings of N211 billion for the nine months ended September 30, 2014, showing an increase of 12 per cent above the N188 billion recorded in the corresponding period of 2013.

The gross earnings got a boost from interest income, which rose 12.5 per cent to N149 billion in 2014, up from N132 billion. Net interest income grew from N78 billion to N82 billion, bringing the total operating income to N138 billion, compared to N129 billion.
The increase in operating income showed the strong underlying operating efficiency of UBA business globally, and the capacity of the business to remain profitable.

However, the bank ended the period with a   profit before tax of N42.54 billion, compared with N43 billion in the corresponding period of 2013. A higher tax charge for 2014 led to a decline of 10 per cent in profit after tax to N33.6 billion from N37 billion in 2014.

Commenting on the results, Group Managing Director/Chief Executive Officer of UBA, Mr. Philips Oduoza said,  “The rise in gross earnings reflects the increasing business activity across our operations, as we support businesses and institutions with the finance they to need to exploit emerging opportunities on the continent.”

He expressed confidence that the performance of the the bank will continue to improve in the last quarter of 2014.
“We are confident that our performance will continue to improve in the last quarter 2014, with increased contribution to group balance sheet from the African subsidiaries,” Oduoza said.

UBA provides banking services to more than seven million customers across over 700 business offices in 19 African countries. With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments, and trade finance.

 

[This Day]