UBA Kenya Reports 262% Rise in Q3 Pre Tax Profit

United Bank for Africa (UBA), Kenya has announced its results for the period ended September 30, 2018 profit before tax rising by 262% to Sh 52.2 Million compared to Kes 14.4 Million in the same period last year.

The lender’s asset base more than doubled from Sh 6.9 Billion in Q3 2017 to Kes 15.8 Billion in September 2018 mainly driven by onboarding of new customers as well as an increase in the share of wallet size of existing customers.

Its customer deposit book also grew 43% from Kes 4.2 Billion to close at Kes 5.9 Billion while customer loans grew modestly by 2.7% to close at Sh 3.6 Billion.

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”.

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By Kenyan Digest

The Kenyan Digest Team