UBA Earnings Rises 14 % To 428 Bln Naira In 9-Month

United Bank for Africa (UBA) posted 14.2 percent increase in its gross earnings at the end of nine-month to September 2019, rising to 428.22 billion naira from 374.83 billion in the same period last year.

The bank also recorded a boost in its profit before tax, which rose 24.2 percent to 98.23 billion naira in the period from 79.11 billion naira, according to a regulatory filing by the bank posted on the Nigerian Stock Exchange (NSE) website on Tuesday.
It recorded a total of 297.90 billion naira in interest income and 107.08 billion naira in non-interest income for the period. The bank interest income last year stood at 268.93 billion naira while non-interest income was 87.66 billion naira.
Total deposits grew marginally by 0.5 percent to 3.54 trillion naira while total loans and advances grew 14.7 percent to 1.98 trillion naira in the period under review.
Loans to deposits grew 56.1 percent in the nine months period against 49.1 percent last year.
However, the growth in loans to deposit came short of the stipulated 65 percent by the regulator.
The Central Bank of Nigeria (CBN) has in July stipulated that bank loans-deposit-ratio should henceforth be calculated at 60 percent and revised the LDR to 65 percent early this month.

About 12 banks were penalised for failing to meet the LDR regulatory requirement at the end of September.