UBA reports 36.5% increase in profit to N123.4bn
By Kayode Tokede
United Bank for Africa Plc (UBA) has announced an increase of 36.5 per cent in profit before tax to N123.35billion recorded in nine months ended September 30, 2021 unaudited result and accounts as from N90.37billion recorded in nine months of 2020.
The bank on the Nigerian Exchange Limited (NGX) on Sunday announced 35.6 per cent increase in profit to N104.6billion in nine months of 2021 from N77.13billion in nine months of 2020..
The Chief Executive Officer, UBA, Emeka Okonkwo, in a statement when the bank released audited results for period ended June 30, 2021 had said, “I am pleased that our business has remained resilient in the face of a persistently challenging economic environment.
“This steady performance reflects our successful efforts in turbo charging transaction volumes, which have delivered higher net fees and commission income, as well as a concerted focus on debt recoveries.
“While the industry continues to be impacted by lower interest rate environment, we have reinforced our branches and the network to aggressively mine opportunities and value across our entire geographic footprint.
“This is part of a deliberate shift towards being closer to the customer. Consequently, we have seen our Retail loan book and revenues grow by 14 per cent and 10per cent respectively and expect to continue to see robust growth across all business segments as this new structure becomes further entrenched.
“In June, we launched the ‘Save & Win Palli Promo,’ a nationwide campaign to reward new and existing customers with up to N55million. During the promo period (June to December), customers who save a minimum amount of N10,000 monthly will be eligible to win cash prizes and gifts to encourage a savings culture even in the current economic climate.
“The campaign also provides an opportunity for the Bank to bring some relief to customers who have been impacted by the economic hardship brought on by the COVID-19 pandemic.
“Looking ahead to the second half of the year, we will continue to focus on driving productivity across the entire network to deliver our business objectives.”
