• Advertise
  • Contact
GFH News
Ecobank Super Rewards
  • Home
  • Economy
  • Politics
  • Others
    • Security
    • Health
    • Metro/General News
    • Crime
    • Law/Judiciary
    • Entertainment
  • Contact
No Result
View All Result
  • Home
  • Economy
  • Politics
  • Others
    • Security
    • Health
    • Metro/General News
    • Crime
    • Law/Judiciary
    • Entertainment
  • Contact
No Result
View All Result
GFH News
No Result
View All Result
Home Banking

UBA RECORDS DOUBLE-DIGIT EARNINGS Q1 GROWTH

gfhnews.com by gfhnews.com
April 24, 2020
in Banking
0
0
SHARES
7
VIEWS
Share on FacebookShare on Twitter

Pan African financial institution, United Bank for Africa Group, UBA, Plc has released its unaudited earnings results for the first quarter, Q1, ended March 31, showing double-digit improvement across all its major income lines.

The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 8.5 percent year-on-year growth in profit before tax in the first three months of 2020, to N32.7 billion compared with N30.2 billion recorded in the first quarter of 2019.

Also, the bank sustained its strong profitability, recording an annualised 20% Return on Average Equity, RoAE.

The bank recorded an 11.8% percent year-on-year growth in gross earnings to close at N147.2 billion for the three months ending March 2020, compared to N131.7 billion recorded in the first three months of 2019.

The bank’s total assets also rose by 13.4% to N6.4 trillion in the period under review, compared to N5.6 trillion recorded at the end of the 2019 financial; while shareholders’ funds grew to N612.6billion from N597.9 billion in the same period.

Reacting to the result, the Group Managing Director/CEO of UBA Plc, Mr. Kennedy Uzoka, expressed satisfaction with the bank’s performance in the first quarter of 2020, despite a challenging business environment.

He said: “We are pleased with our top and bottom lines in the first quarter of 2020, delivering N147.2 billion in gross earnings and profit before tax of N32.7 billion.

“The double-digit growth in the topline testifies to the resilience of our business model as a group, even as the 17% growth in our fees and commission income underscores our diversified business model, enabling us to deliver best value to our stakeholders, even in tough macro-economic scenarios.

“I am very excited about recent successes we have recorded in all our business segments, especially our retail and electronic banking businesses within the period, with retail deposits accounting for 72% of customer deposits even as cost-of-funds moderates to 3.3%.

“We will continue to grow market share in all our markets, while maintaining cost discipline across our businesses, driving efficiency in our processes using best-rated technology.”

Previous Post

Drama Awaits In A World Of Telenovelas On DStv And GOtv

Next Post

Mouka continues to add comfort to the lives of its consumers during the Covid19 pandemic

gfhnews.com

gfhnews.com

Next Post

Mouka continues to add comfort to the lives of its consumers during the Covid19 pandemic

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected test

  • 121 Followers
  • 189k Subscribers
  • 23.8k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Nnamdi Kanu’s trial: Isi Agu cannot be worn in my court – Justice Nyako

Nnamdi Kanu’s trial: Isi Agu cannot be worn in my court – Justice Nyako

February 16, 2022
Army Chief  urges Reps to direct further enquiries on arms deals to past chiefs

BREAKING: Nigeria’s chief of army staff Ibrahim Attahiru killed in plane crash

May 21, 2021

VIDEO: Mazi Nnamdi Kanu having good times with girl who trapped him

June 30, 2021
Breaking: Farouk Lawan bags 7 years jail term for demanding $3m bribe from Femi Otedola

Breaking: Farouk Lawan bags 7 years jail term for demanding $3m bribe from Femi Otedola

June 22, 2021

Shaba Ibrahim, first person to bag SANship from kogi/Lokoja Federal Constituency.

3
Emir of Borgu charges Nigerians to be good ambassadors

Emir of Borgu charges Nigerians to be good ambassadors

3
Merck Foundation `More Than a Mother’ campaign against infertility, stigmatization – President

Merck Foundation to celebrate, mentor 2020 winners of More Than A Mother’ FASHION Awards – CEO

2
Infertility is a shared responsibility, couples should work together – Merck Foundation CEO

Infertility is a shared responsibility, couples should work together – Merck Foundation CEO

2
ASUU: Only workers captured by IPPIS will receive salaries, Buhari insists

National conference asks Buhari to protect anti-corruption legacy

March 26, 2023
BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

March 26, 2023

PEPSI TO THRILL FANS WITH AN OPPORTUNITY TO WIN AN ALL EXPENSE PAID TRIP TO THE UCL FINALS

March 24, 2023
PDP Suspends Fayose, Anyim And Others

PDP Suspends Fayose, Anyim And Others

March 23, 2023

Recent News

ASUU: Only workers captured by IPPIS will receive salaries, Buhari insists

National conference asks Buhari to protect anti-corruption legacy

March 26, 2023
BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

March 26, 2023

PEPSI TO THRILL FANS WITH AN OPPORTUNITY TO WIN AN ALL EXPENSE PAID TRIP TO THE UCL FINALS

March 24, 2023
PDP Suspends Fayose, Anyim And Others

PDP Suspends Fayose, Anyim And Others

March 23, 2023

GFH News is a Nigeria based online news platform that gives news on the go. Our team gather news from different sectors, locally and internationally, with fact checks.
Get the news as it breaks.

Browse by Category

  • Agriculture
  • Aviation
  • Banking
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • FACT CHECK
  • Feature
  • Foreign
  • Health
  • Holiday
  • Infrastructure
  • Labour
  • Law/Judiciary
  • Metro/General News
  • Mining
  • Oil&gas
  • Politics
  • Religion
  • Science
  • Security
  • Sports
  • Technology
  • Terrorism
  • Tourism
  • Trade
  • Tragedy
  • Transportation
  • Travel
  • Uncategorized
  • Wildlife
  • work

Recent News

ASUU: Only workers captured by IPPIS will receive salaries, Buhari insists

National conference asks Buhari to protect anti-corruption legacy

March 26, 2023
BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

BREAKING: Former Chief of General Staff, Gen Oladipo Diya, Is Dead

March 26, 2023
  • Advertise
  • Contact

© 2020 GFH News

No Result
View All Result

© 2020 GFH News