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    UBA record profit growth by 78% in Q3

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    Babatunde Akinsolahttps://naija247news.com
    Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

    uba-ceo-nseThe Nigerian Stock Exchange today published the third quarter (Q3) 2013 results of UBA which showed that profit after tax (PAT) of N18.5 billion grew 78 per cent as against Q3 2012 on the back of a significant contribution of N10 billion from the other comprehensive income line.

    The results showed profit before tax ( PBT) decline by 14 per cent, to N10.2 billion due to a 21 per cent reduction in non-interest income to N16.7 billion and an 11 per cent rise in operating expenses to N28.6 billion.

    These two factors more than offset an 8 per cent increase in net interest income to N24.8 billion and a marked decline in loan loss provisions to N2.6 billion.

    Year to date, UBA shares have gained 70 per cent, outperforming the index by 37 per cent.

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