UBA posts 22% jump on profit for nine months

UBA

United Bank of Africa (UBA plc) is reporting 22% rise in profit to NGN60.9 billion for the nine months of the year 2017 compared to NGN49.5 million recorded same period in the financial year 2016.

The financial institution said its gross earnings for period rose to NGN333.9 billion in contrast to NGN265.5 million posted in the year 2016 while net interest income was NGN152.2 billion against NGN112.0 billion in 2016.

The bank’s impairment loans increased to NGN12.9 billion from NGN9.0 billion in the previous year. Total operating expenses also grew to NGN145.6 billion from NGN115.2 billion in the year before.

United Bank of Africa said its total assets for the period in review was NGN3.7 billion against NGN3.5 trillion in the year 2016 while total liabilities was NGN3.2 trillion versus NGN3.0 trillion in the comparing year.