United Bank for Africa (UBA) Plc on Monday reported gross earnings of N333.9 billion and profit before tax(PBT) of N78.3 billion for the nine months ended September 30, 2017. The gross earnings showed a growth of 26 per cent above the N265.5 billion posted in the corresponding period of 2016, while the PBT indicated a rise of 33 per cent compared with N58.8 billion in 2016. According to the bank, this inspiring result was driven by the strong performance of its recurring core revenue lines, thus reflecting the increasing success of the bank’s enhanced customer engagement.

UBA grew its net interest income to N152.3 billion, up from N112.3 billion. Although credit impairment charges jumped from N9.1 billion to N12.9 billion, its profit after tax (PAT) improved by 23 per cent to N60.9 billion above the N49.5 billion posted in 2016. While the group closed the third quarter with total assets of N3.77 trillion, a year-to-date (YTD) growth of 7.6 per cent, it prudently grew net loans to N1.6 trillion, a 6.0 per cent YTD growth in the loan book. Commenting on the results, the Group Managing Director/CEO, UBA, Kennedy Uzoka, said: “These extremely positive third quarter results are an attestation of our ability to sustainably grow earnings and market share, notwithstanding the challenging operating environment. They are a tribute to our enhanced customer engagement and focus on continuous improvement in service quality.”