UBA shrugs off pandemic, delivers N300.6bn gross earnings

By our reporter|The United Bank for Africa (UBA) Plc, has reported N300.6 billion for the first half of 2020.

In its audited financial results, the bank said there was commendable growth across key performance indices and an increased contribution from its African subsidiaries.

Notwithstanding the challenging business and economic environment occasioned by the Covid-19 pandemic, the pan African financial institution was able to deliver growth in its gross earnings which rose to N300.6bn up from N294bn recorded in the same period of 2019.

UBA’s Group Managing Director/CEO, Mr. Kennedy Uzoka, said, “We recorded commendable growth in our underlying business in terms of customer acquisition, transaction volumes and balance sheet whilst inflation, depressed yield environment and exchange rate volatilities impacted our net earnings as anticipated.”

UBA’s Group CFO, Ugo Nwaghodoh said “Our H1 2020 results reflect the inherent benefits of diversification as we have seen marked growth in contribution from the subsidiaries across Africa.”

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