Business

UBA Kenya reports 262pc jump in after-tax profit

United Bank for Africa (UBA) Kenya has reported a 262 per cent growth in after-tax profit for the nine-month period ended September 30, 2018.

It attributed the improved earnings of Sh52.2 million for the period compared to Sh14.4 million in a similar duration in 2017 to steady growth in key financial parameters.

UBA East and Southern Africa Chief Executive Officer, Emeke Iweriebor said performance has grown in key financial parameters due to business and effective execution of strategies.

The bank will continue to make strategic investments in product development, as we endeavour to provide our customer with innovative and convenient banking solutions, further entrenching our vision to be the undisputed leading and dominant financial services institution in Africa,” he added.

According to the bank’s trading results, the total asset base witnessed significant expansion doubling in size from Sh6.9 billion in September 2017 to Sh15.8 billion in September this year, due to new customers as well as an increase in the share of wallet size of existing customers.

Customer deposit book also grew 43 per cent from Sh4.2 billion in September 2017 to close at Sh5.9 billion in September this year.

This impacted positively on the bank’s liquidity position, which currently stands at 68.6 per cent. The customer loans grew by 2.7 per cent from the previous year’s figure of Sh3.5 billion to close at Sh3.6 billion.

Isaac Mwige, the outgoing CEO of UBA Kenya, said the bank’s strategy remains on track with a short-to-medium-term focus of deepening and strengthening its business in Kenya.

Our clear strategy and steady financial growth make me confident of the bank’s strong future financial performance,” he said.

Earlier this year, UBA launched its Facebook chat banking service dubbed LEO, enabling customers to carry out banking transactions via Facebook Messenger, marking a great milestone in the local banking sector while becoming the first bank in Kenya, to offer such a service.

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