UBA Grows Profit by 23% to N61b in 9 Months

By Modupe Gbadeyanka

United Bank for Africa (UBA) Plc has continued to prove that no matter the storm, it would remain stronger, better and bigger.

The lender, in its condensed consolidated statements of comprehensive income for the first nine months of 2017 ended September 30, recorded a grew its profit by 23 percent.

Specifically, the profit after tax of the pan-African bank increased to N61 billion in the period under review from N49.5 billion in the corresponding period of 2016, while its profit before income tax stood at N78.3 billion as at September 30, 2017 against N58.8 billion as at September 30, 2016.

In addition, the gross earnings in the period under review closed at N334 billion compared with N265.5 billion 12 months ago.

In the financial statements analysed by Business Post, UBA’s basic and diluted earnings per share closed at N1.74k against N1.42k a year ago.

Also, the financial institution’s total assets stood at N3.8 trillion in the period under review in contrast to N3.5 trillion in December 2016.

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