United Bank for Africa 9mo net profit surges more than fivefold y/y.

By bne IntelliNews October 16, 2012
United Bank for Africa (UBA), Nigerias third biggest bank, said its group net profit for the first nine months of 2012 soared more than fivefold y/y to NGN 39.1bn (EUR 189.9mn) from NGN 7.4bn in the same period last year thanks to lower impairments. The banks net impairment losses on financial assets dropped to NGN 2.2bn in Jan-Sept 2012 from NGN 17.2bn a year earlier. Its net interest income grew 13.6% y/y to NGN 69.7bn, and net fee and commission income rose 6.5% y/y to NGN 35.2bn. UBAs lending portfolio widened by 3.9% during the first nine months of 2012 to NGN 692.7bn as of end-Sept, while client deposits grew 11.8% during the same period to NGN 1.61trln. Total assets rose 11% to NGN 2.16trln. UBA, incorporated in Nigeria in 1961 and headquartered in Lagos, is one of Africas leading financial institutions offering universal banking to more than 7 million customers across 750 branches in 19 African countries and a presence in New York, London and Paris.
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