UBA posts N81.6bn profit for Q3 2019

United Bank for Africa (UBA) has released its Q3 2019 interim consolidated financial statements for the 9 months period ended September 30, 2019.

The results show that interest income increased by 10.77% from N268.9 billion in 2018 to N297.9 billion in 2019.

Profit before tax stood at N98.2 billion in 2019, compared to N79.1 billion in 2018. This represents an increase of 24.17%.

Profit after tax recorded for the period was N81.6 billion as against N61.7 billion in 2018, representing a 32.3% increase.

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The bank made N86.5 billion from fees and commissions; and N35.7 billion from trading forex. These represent 25.85% and 10.24% increases when compared to N68.8 billion and N32.4 billion in 2018.

Earnings per share increased from N1.72 in 2018 to N2.32.

UBA is currently trading at N5.85 on the floor of the Nigerian Stock Exchange (NSE). Year to date the stock is down 26.92%.

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