United Bank for Africa Plc (UBA) has recorded seven per cent year-on-year growth in profit before tax to N62 billion for the third quarter ended September 30, 2016. This represents an impressive 18.2 per cent annualised return on average equity.
The bank, according to a statement, recorded an appreciable growth in both funding and fee income lines. Furthermore, the lender’s level of impairment in its overall loan book was moderate.
According to the statement, the third quarter results also showed efficiency gains with appreciable growth in operating income by 11 per cent to N183 billion, while profit after tax rose by eight per cent to N52 billion within the period.
Though partly driven by the depreciation in the value of the naira, UBA also recorded a significant 21 per cent yearto- date growth in deposits and a similar 26 per cent growth in total assets.
The bank also ensured that cost-to-income ratio remained flat year-on-year at 65 per cent despite external cost pressures, which masked the positive results of its cost efficiency initiatives.
Group Managing Director and CEO of UBA Plc, Mr. Kennedy Uzoka, commenting on the results said: “I am pleased with our performance in the first nine months of the year. Notwithstanding the negative economic growth in Nigeria, we maintained growth in earnings and sustained our asset quality.”