United Bank for Africa Declares N81.6bn PAT in Q3 2019 Results

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Summary

  • Revenue grew by 5.5% to N158.91bn from N150.70bn in the previous quarter.
  • Profit before tax grew by 24.2% to N98.23bn.
  • Profit after tax grew by 32.3% to N81.63bn.
  • Net Assets also grew by 1.9% to N4.96bn from N4.87bn as of September 30, 2019.

United Bank for Africa Plc posted a profit after tax of N81.63bn for the nine months ended September 30, 2019.

This showed a 32% increase over N61.69bn reported in nine months of 2018.

It disclosed this in its unaudited results filed with the Nigerian Stock Exchange on Monday.

The bank’s revenue grew by 5.5 per cent to N158.91bn from N150.70bn in the previous quarter, while its profit before tax grew by 24.2 per cent to N98.23bn.

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Its net assets also grew by 1.9 per cent to N4.96bn from N4.87bn as at September 30, 2019.

The Chairman, UBA, Mr Tony Elumelu, said at the bank’s annual general meeting in April this year that the group was set to change the narrative of banking and would thus strengthen the earnings growth trajectory through its positive contribution in all the countries where it operates.

He had said, “We are optimistic about the policy environment in most African economies where we operate as we expect the diligent implementation of fiscal policies to help stimulate inclusive economic growth, ease macro pressures and lower the cost of doing business.

“I am very optimistic that we will sustain the strong growth trajectory, as we continue to gain market share across Africa, leveraging our core values of enterprise, excellence and execution.”

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