United Bank for Africa (UBA) Plc has released its interim consolidated financial statements for the period ended September 30, 2019.
The tier 1 lender’s results at the Nigerian Stock Exchange (NSE) showed the group recorded Gross Earnings of N428.21billion which represents 14.2percent increase from N374.82billion in the corresponding third-quarter (Q3) period of 2018.
Its Interest Income of N297.90billion against N268.93billion represents increase of 10.8percent. Net Interest Income of N158.91billion against N150.69billion in Q3’18 implies an increase of 5.5percent. Non-Interest Income of N107.08billion in Q3’19 against N87.66billion in Q3’18 implies 22.1percent increase.
The group’s Profit Before Tax (PBT) of N98.233billion in Q3’19 as against N79.11billion in Q3’18 implies an increase of 24.2percent; while Profit After Tax (PAT) of N81.62billion against N61.69billion in Q3’18 represent 32.3percent increase.
In the review nine months period, UBA’s total Loans & Advances grew by 14.7percent to N1.985trillion from a low of N1.731trillion while Total Deposits of N3.540trillion in Q3’19 against N3.523trillion in Q3’18 represents 0.5percent increase.
The banking group Cost to Income Ratio of 60.8percent in Q3’19 against 62.5percent in Q3’18 represents a decline of 1.8percent while its Loan to Deposits ratio increased to 56.1percent as at September 30, 2019 from 49.1percent as at September 30, 2018, representing 6.9percent increase. As at 1.54pm, the stock price on the Nigerian Bourse stood at N5.65 against a preceding day high of N5.7.
