UBA plc records 550 per cent jump in Q3 profit

The United Bank for Africa plc has declared a gross profit of N44.8billion for the third quarter this year and PAT of N39.1 billion for the same period.

In an unaudited report made available to the Nigeria Stock Exchange today, the bank said it made the huge profits from gross earnings of N168 billion .

Contrasted with the figures posted the same time last year, they represent giant leaps for the bank and the group, with the profit recording over 550 per cent jump.

Gross earnings for the banking group up till September last year was N138.5 billion, while PAT was estimated at N7.4 billion.

The report showed that the bank was able to contain its operating expenses during the period, reducing it to N75billion, from N77.7 billion for the same time last year.