Unity Bank Plc posts gross earnings of N11.04 billion in Q3 2020

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United Bank for Africa Plc (UBA) has posted the sum of N77.13 billion as its Profit After Tax (PAT) for the period ended September 30, 2020 — a decline of 5.51% YoY.

This is according to its latest financials sent to the Nigerian Stock Exchange market today and seen by Nairametrics.

Key highlights of the 2020 9M results are:

  • Profit After Tax declined to N77.1 billion, down by -5.51% Y-o-Y.
  • Pre-tax profit declined to N90.4 billion, indicating a loss of -8.7% Y-o-Y.
  • Net interest income increased to N186.02 billion, up by +17.05% Y-o-Y
  • Net fee and commission income fell to N56.3 billion, down by -11.1% Y-o-Y.
  • Total non-interest income marginally increased to N107.8 billion, up by +0.64% Y-o-Y
  • Operating income increased to N293.8 billion, up by +10.45% Y-o-Y
  • Employee benefit expenses increased to N66.6 billion, indicating an upward trend of +20.7% Y-o-Y
  • Total operating expenses increased to N192.7 billion, up by +19.2% Y-o-y
  • Earnings Per Share declined to N2.16, down by -6.9% Y-o-Y.
  • Loans and advances to customers increased to N2.38 trillion between December 2019 and September 2020, up by +15.6% Y-o-Y
  • Total assets grew to N7.06 trillion in September 2020, from N5.6 trillion as at December 2019, up by approximately +26%
  • Between December 2019 and September 2020, deposits from customers increased to N5.2 trillion, indicating an increase of +35.7%

(READ MORE: GTBank proposes 30kobo dividend to shareholders, releases 2020 Half Year audited results)

Bottom Line:

The gains recorded in the net interest income and other income component were eroded by an increase in total operating expenses which negatively impacted pre-tax profit. Gains recorded in current and non-current assets components lifted the total assets value within the period under view.

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