United Bank for Africa Plc reported a 37% increase in earnings before tax to N123.4bn in the third quarter of 2021, up from N90.4bn in the same period of 2020.
The company’s unaudited financial statements for Q3 2021 showed that its gross earnings rose to N490.3bn from N454.4bn while operating income increased by 13 percent year-on-year to N331.7bn from N293.7bn.
The bank said in a statement that its annualized return on average equity for Q3 2021 grew to 19.2 percent from 16.4 percent in the corresponding period of 2020 due to a 36 percent rise in its profit after tax, which increased to N104.6bn from N77.1bn.
The Group Managing Director and Chief Executive Officer, UBA, Kennedy Uzoka, said, “Once again, the bank has shown resilience in delivering on its commitment to shareholders, stakeholders, and the investing public, evident in the strong positive financial metrics recorded in the reporting period.”
He said UBA’s approach to risk management and the efficacy of its business strategy helped in keeping its loan growth steady at double-digit, while still being able to moderate its cost during the period.
He added, “Looking ahead, we believe our huge investments in digital business following lessons learned from the pandemic, will continue to pay off in delivering significant growth opportunities across our business operations even as the economy speedily heals from the impact/effect of the pandemic.”
Uzoka said the company would continue to remain a bank holding firm and leverage its balance sheet and customer base to deliver results to its shareholders.