UBA’s gross earnings hit N490.3bn, reports 37% profit growth



By Nkiruka Nnorom

United Bank for Africa, UBA Plc has recorded N490.3 billion gross earnings for the third quarter ended September 30, 2021 (Q3’21), representing eight percent increase over  N454.4 billion posted in the corresponding period in 2020.

Highlights of the bank’s financial statement filed at the Nigerian Exchange Limited, NGX, showed that operating income grew by 13 percent year-on-year to N331.7 billion, up from N293.7 billion achieved a year earlier.

In the report filed yesterday, UBA reported a 37 per cent increase in Profit Before Tax, PBT, to N123.4 billion compared to N90.4 billion recorded at the end of the third quarter of 2020,  while Profit After Tax, PAT, rose significantly by 36 percent to N104.6 billion from N77.1 billion recorded a year earlier, thus putting its annualised return on average equity for Q3 2021 at 19.2 percent compared to 16.4 percent recorded in the similar period of 2020.

UBA continues to maintain a very strong balance sheet, with Total…

Source: Vanguard Newspaper

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