UBA Earnings Rise 12% to N210 billion in Third Quarter

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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