UBA Reports 262% Growth in Profit Before Tax

United Bank for Africa (UBA), Kenya has today announced its results for the period ended September 30, 2018.

The bank reported a 262 percent growth in profit before tax, posting 52.2 Million shillings compared to 14.4 Million shillings in September the previous year.

The bank’s Total Asset base witnessed significant expansion, doubling in size from 6.9 Billion shillings in September 2017 to 15.8 Billion shillings in September 2018, due to onboarding of new customers as well as an increase in the share of wallet size of existing customers.

UBA Kenya’s customer deposit book also grew 43 percent from 4.2 Billion shillings in September 2017 to close at 5.9 Billion shillings in September 2018. This has impacted the bank’s liquidity position positively, currently standing at 68.6 percent as at September 2018.

Customer Loans grew modestly by 2.7 percent from previous year’s figure of 3.5 Billion shillings to close at 3.6 Billion shillings.

Commenting on the results, the CEO, UBA East and Southern Africa, Mr. Emeke E. Iweriebor noted, “The bank’s year to date performance has seen steady growth in key financial parameters, indicating strength and sustainability of our business and effective execution of our strategy”.

Reiterating these remarks, UBA Kenya, outgoing Chief Executive Officer, Mr. Isaac Mwige said “The bank’s strategy remains on track, with a short to medium term focus of deepening and strengthening our business in Kenya. Our clear strategy and steady financial growth make me confident of the bank’s strong future financial performance”.

“The bank will continue to make strategic investments in product development, as we endeavor to provide our customer with innovative and convenient banking solutions, further entrenching our vision to be the undisputed leading and dominant financial services institution in Africa.” concluded Mr. Iweriebor.

Earlier this year, UBA launched its Facebook chat banking service dubbed LEO, enabling customers to carry out banking transactions via Facebook Messenger, marking a great milestone in the Kenyan banking sector while becoming the first bank in Kenya, to offer such a service.

The bank remains on a steady growth trajectory and is expected to post similarly positive Profit Before Tax and balance sheet growth at the end of this year.