UBA earnings grow by 12% in Q3

United Bank for Africa, UBA, has released its financial results for the third quarter, showing a 12 per cent growth in gross earnings rise over same period of last year.

Gross earnings rose from N188bn in 2013 third quarter to N210bn for the nine month period ended September 30, 2014.

The bank's gross earnings received a boost from interest income which rose 12.5 per cent to N149bn in the same period.

The Group Managing Director of the bank, Mr. Philips Oduoza said the rise in gross earnings reflects the increasing business activity across our operations, as we support businesses and institutions with the finance they to need to exploit emerging opportunities on the continent.

According to him, the operating income of N138b for the nine-month period, representing a 6.6 per cent increase over the corresponding period of last year.

'This shows the strong underlying operating efficiency of UBA business globally, and the capacity of the business to remain profitable. The bank made a profit before tax of N42.5bnn and a profit after tax of N33.6b for the period.

'We are confident that our performance will continue to improve in the last quarter 2014, with increased contribution to Group Balance sheet from the African subsidiaries,' Oduoza said.

United Bank for Africa Plc is one of Africa's leading financial institutions offering banking services to more than seven million customers across over 700 business offices in 19 African countries.

With presence in New York, London and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross border payments, and trade finance.