United Bank for
Africa (UBA) Plc, one of Africa’s leading banks, released its financial results
for the third quarter, showing a 12% growth in gross earnings rise over same
period of last year. Gross earnings grew from N188bn in 2013 to N210 billion
for the nine month period ended September 30, 2014. The bank’s gross
earnings received a boost from interest income which rose 12.5% to N149 billion
in the same period.
“The rise in
gross earnings reflects the increasing business activity across our
operations, as we support businesses and institutions with the finance
they to need to exploit emerging opportunities on the continent” said Philips
Oduoza, Group Managing Director/CEO, UBA Group.
The operating
income of N138 billion for the nine-month period to 30 September, 2014,
representing a 6.6% increase over the corresponding period of last year, shows
the strong underlying operating efficiency of UBA business globally, and the capacity
of the business to remain profitable. The bank made a profit before
tax of N42.54 billion and a profit after tax of N33.6 billion for the
period.
“We are
confident that our performance will continue to improve in the last quarter
2014, with increased contribution to Group Balance sheet from the African
subsidiaries,” Oduoza said.
United Bank for Africa Plc is one
of Africa's leading financial institutions offering banking services to more
than 7 million customers across over 700 business offices in 19 African
countries. With presence in New York, London and Paris, UBA is connecting
people and businesses across Africa through retail, commercial and corporate
banking, innovative cross border payments, and trade finance
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