UBA Releases Earnings Report For Q3 2020

United Bank for Africa reported growth in its third quarter earnings this year, growing its turnover by 19.9% when compared to the interest income of the corresponding period of 2019 Q3. AllNews gathered from UBA's financial statement that interest income rose to NGN111.5 billion, rising above the NGN93.01 billion of Q3 2019.

UBA's Interest Expense also rose in 2020 Q3, surpassing the NGN44.2 billion the company recorded in the corresponding period of 2019 third quarter. This year's Q3 interest expense rose slightly to hit NGN44.8 billion. Operating Income also followed the same path.

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It was gathered from the earnings report that operating income stood at NGN97.07 billion, surpassing the NGN83.3 billion UBA reported as operating income during the same period of last year's third quarter.

The third quarter this year was an impressive outing for UBA as Profit Before Tax also grew to NGN33.2 billion, rising above the NGN27.9 billion posted as Profit Before Tax in the corresponding period of third quarter last year.

In the same vein, Profit After Tax in Q3 this year rose pass the NGN24.8 billion UBA recorded in 2019 Q3, after reporting NGN33.2 billion between July to September this year.