UBA declares N82 billion profit in nine months

A UBA Plc bank used to illustrate the story
A UBA Plc bank used to illustrate the story

United Bank for Africa on Tuesday said it realised about N81.9 billion as profits from nine months of its operations this year.

The profit grew by 38.53 per cent (N31.6 billion), from about N50.4 billion profit recorded the previous year.

This was contained in a regulatory filing on the bank’s Interim Consolidated Financial Statements for the period ended September 30, 2019 at the Nigerian Stock Exchange.

The bank’s profit and loss account for the period showed the company earned about N98.2 billion, from about N79.1 billion last year.

With about N16.6 billion paid as taxation charges, the report showed the figure was lower than about N17.4 billion spent in 2018 for a similar purpose.

Out of the declared profits, the report said about N79.3 billion will go to the owners of the parent company, with about N2.31 billion meant for non-controlling interests.

Last year, owners of the parent company earned about N58.9 billion and non-controlling interests N2.25 billion.

The basic and diluted earnings per share declared by the company was about N2.32 against bout N1.72.

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