United Bank for Africa Plc has announced its unaudited third-quarter financial results, with growth in gross earnings at N374.8bn, an 12.3 per cent increase when compared to N333.9bn recorded in the corresponding period of 2017.
According to the report filed to the Nigerian Stock Exchange on Monday, UBA’s net operating profit improved by 1.7 per cent year-on-year to N227.7bn, when compared to N224bn achieved in the similar period of 2017.
Amidst inflationary pressures and uncertainties undermining the business environment in Nigeria and a few other countries in Africa, UBA’s operating expenses only increased by 2.3 per cent to N149.1bn, compared to N145bn recorded in the same period of last year.
The lender stated, “The low cost profile can be better appreciated when put in the perspective of double-digit inflation rate in Nigeria. Overall, the bank posted a profit before tax of N79.1bn, while the profit after tax stood at N61.7bn.
“This profit performance puts the bank’s annualised return on average equity at 16 per cent and 20 per cent at pre-tax and post-tax profit levels, respectively.”
It continues to maintain a strong balance sheet, with total assets of N4.51tn, a 10.8 per cent year-to-date rise over the N4.07tn recorded as of December 2017.
“Another strong indication of the growth of the bank and more so, acceptance of the franchise across Africa is the remarkable 16.2 per cent year-to-date growth in customer deposits, which grew to N3.18tn, compared to N2.73tn as of December 2017. The shareholders’ fund remained very strong at N509.3bn, even as the implementation of the International Financial Reporting Standard 9, moderated the group’s equity by 3.8 per cent year-to-date,” it added.