Home Business Gross Earnings In Q3: Over N490b Posted By UBA

Gross Earnings In Q3: Over N490b Posted By UBA

United Bank for Africa

Global financial institution, United Bank for Africa (UBA) Plc has recorded N490.3 billion gross earnings in its unaudited financial results for the third quarter ended September 30, this year.

The performance report filed with the Nigerian Exchange (NGX) Group showed N454.4 billion gross earnings were achieved in same period last year.

The bank also grew across other major indices, as its income rose by 13 per cent year-on-year to close at N331.7 billion as at last month, up from N293.7 billion achieved a year earlier.

The UBA also reported 37 per cent rise in Profit Before Tax (PAT) to close at N123.4 billion, higher than N90.4 billion it recorded at the same period last year.

The bank’s profit after tax rose significantly by 36 per cent to N104.6 billion up from N77.1 billion recorded a year earlier. This raised its annualised return on average equity for third quarter 2021 to 19.2 per cent, higher than16.4 per cent recorded in the similar period of 2020.

Group Managing Director/CEO, UBA Plc, Kennedy Uzoka, said, “Once again, the bank has shown resilience in delivering on its commitment to shareholders, stakeholders, and the investing public, evident in the strong positive financial metrics recorded in the reporting period.

“Particularly, gross earning was up eight per cent to N490.3 billion in the nine-month period, mirroring the improvements seen in both the domestic and international economies as countries roll out vaccines, helping to return economic activities nearer to pre-pandemic levels.

Credit: thenationonlineng.net

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