UBA profits up 44% in Q3

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Pan-African financial services group, United Bank for Africa (UBA) Plc gross earnings has peaked at N247.2 billion resulting in 44 percent profit upward swing in its Nine months unaudited financial results for 2015.

The UBA Group, a leading financial institution in Africa operates in 19 African countries, as well as New York, London and Paris providing a suite of banking services to over eight million retail and corporate customers the continent and the rest of the world.

The Q3 earning which represents 17 percent rise and a profit after tax of N48.6 billion is on the back of the bank’s resilience and innovations towards competitive edge in the financial services sector.

The third quarter results also show Net Operating Income (NOI) recording a strong 21% growth to N167.4 billion while the cost to income ratio remained within management’s guidance of 65%, compared to 68.7% in the corresponding period of 2014. This means that the bank has improved on its  operational efficiencies as it continues to deliver superior return to its shareholders.

Showing improvement in all the indices, UBA closed the third quarter with total assets of N2.87 trillion, loan book of N1.01 trillion and a deposit base of N2.18 trillion.

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