UBA hits gross earning of N374b
News & Trends •
the united bank for africa plc has announced its unaudited 2018 third quarter financial results with impressive growth in gross earnings of n374.8 billion1 the performance represents a 12.3 per cent increase when compared to n333.9 billion recorded in the corresponding period of 20171 according to the banks report filed at the nigerian stock exchange nse ubas net operations improved 1.7 per cent year-on-year to n227.7 billion when compared to n224 billion achieved in the similar period of 20171 ubas operating expenses increased by 2.3 per cent to n149.1 billion compared to n145 billion recorded in the same period of last year1 the bank posted a profit before tax of n79.1 billion whilst profit after tax stood at n61.7 billion1 local media reports noted that the profit performance puts the banks annualized return on average equity at 16 per cent and 20 per cent at pre-tax and post-tax profit level respectively1 the report added that the bank continues to maintain a very strong balance sheet with total assets of n4.51 trillion an impressive 10.8 per cent year-to-date rise over the n4.07 trillion total asset recorded as at december 20171 the report stated that the group managing directorceo uba plc mr. kennedy uzoka said we achieved a number of strategic imperatives during the quarter and committed more investments in the future of the business building a solid foundation for a sustainable and superior return to our shareholders1 uzoka said that he was pleased that the banks virtual banking chatbot leo which debuted on facebook earlier in the year was successfully launched on whatsapp during the quarter1 this new channel offering which enables our customers to fulfil their banking transactions through simple chat commands is another premier initiative in our suite. the early pay-offs are quite compelling recent customer acquisitions and broader transaction volume growth are exciting leading indicators that reinforce our confidence in these novel channels he said1