United Bank for Africa Plc (UBA) has reported a 32.3% increase in its profit after tax for the period ended 30 September 2019.
This was disclosed in the lender’s interim financial statements published earlier today on the website of the Nigerian Stock Exchange.
Net Income: The financial statement shows that the UBA generated N158.91 billion in net interest income over the past nine months of 2019. This is indicative of 5.45% increase compared to N150.69 billion which was generated in Q3 2018. The bank also generated a net fee and commission income of N63.29 billion for Q3 2019 as against N50.53 billion for the same period in 2018. This represents approximately a 25.25% increase
Profit Before Tax: The company’s profit before tax for the period under consideration increased by 24.16% to N98.23 billion, up from N79.11 billion in Q3 2018.
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Profit After Tax: This also increased by 32.3% to N81.62 billion in Q3 2019, up from N61.69 billion in Q3 2018.
Earnings Per Share: The company’s earnings per share for the period stood at N2.32, as against N1.72 in the third quarter of 2018.
Early this year, UBA wanted to open a new branch in Mali. Maimouna El Oumarany, a Spokeswoman for UBA’s Malian subsidiary, said the plan was in line with the bank’s moves to extend its footprint in a region where it already operates in several countries.
About UBA: United Bank for Africa, Africa’s global bank, was founded 70 years ago in Nigeria and today, operates in 20 African countries and in the United Kingdom, the USA and with presence in France. UBA serves over 17 million customers across the globe with more than 1000 branches and touchpoints. In 2018, the bank received the award of Africa’s Best Digital Bank by the Banker’s Magazine.
 has reported a 38.99% leap in its profit after tax for the third quarter ended September 30, 2019. ){kind=link}
There were mistakes in your analysis, you used 12 months figures (Q3, 2018 to Q3, 2019) for quarterly analysis (Q3, 2019).
For instance, ( Interest Income: The bank’s interest income for the period rose from ₦81.64 billion in Q3 2018 to ₦93.01 billion in Q3 2019, marking a 13.92% increase.). The bank’s interest income didn’t jump from N81.64 billion in Q3, 2018 but rose from N81.64 billion in the nine months through September 30, 2018 (this excluded the fourth quarter of 2018 and tell reader its a nine-month period not a single quarter, while yours added fourth quarter despite not being part of the figure quoted) to N93.01 billion in the same period of 2019.
You were quoting 9 months figure for third quarter when the value comprises of Q1, Q2, and Q3.