UBA grows gross earnings by 25.75% to N333.92bn Q3

The United Bank for Africa (UBA) Plc recorded gross earnings of N333.91 billion for the third quarter ended Sept. 30, 2017.
The details of the bank’s performance for the third quarter were released by the Nigerian Stock Exchange (NSE) on Monday.
The report showed that the gross earnings represented a growth of 25.75 per cent when compared to N265.53 billion posted in the comparative period of 2016 even the profit before tax during the review period increased by 33.2 per cent or N19.53 billion to N78.33 billion as against N58.79 billion in the corresponding period.
The profit for the year closed higher at N60.92 billion from N49.51 billion of the preceding accounting period. This represents an increase of N11.41 billion or 23 per cent.
Further analysis showed that net interest income stood at N152.29 billion from N112.07 billion achieved in the preceding period of 2016.
Its interest income declined to N238.09 billion compared to N265.53 billion in 2016, while interest expenses stood at N85.79 billion from N70.92 billion in 2016.
The bank’s non-interest income rose to N84.60 billion from N71.19 billion, while fees and commission surged to N57.89 billion from N56.22 billion recorded in the corresponding period.
Also, its total assets rose to N3.77 trillion from N3.50 trillion in 2016, while total liabilities rose to N3.26 trillion from N3.06 trillion in comparative period of 2016.
The loans and advances to customers during the review period rose to N1.08 trillion from N970.39 billion reported in the same period of 2016.