United Bank For Africa, Kenya Reports A Notable 199% Growth In Profit Before Tax (PBT) In Q3 2020
United Bank for Africa, Kenya has today announced its third quarter 2020 financial results, registering a 199% jump in Profit Before Tax (PBT) to stand at Kshs. 348 Million, compared with Kshs. 116 Million reported in September 2019.
The performance growth was largely driven by efficient management of the balance sheet as well as cost optimization, amid challenging business operating environment.
The bank’s asset base also grew by 37% mainly due to additional investments in Fixed Income securities. The loan book and deposits increased slightly by 10% & 25% respectively due to financial support given to our customers as they diversified their business during the pandemic.
Commenting on the Q3 financial results, Mr. Kehinde Omirinde, Acting CEO, UBA Kenya, said “The bank’s solid performance despite the outbreak of a global pandemic, is a clear indicator of the effectiveness of our corporate contingency strategy”.
“We shall endeavour to continue making strategic investments in product development and innovation providing our customers with excellent service”. He added.
UBA Kenya is a subsidiary of UBA Plc and licensed by the Central Bank of Kenya. The Bank has been operating in Kenya since 2009 offering a full range of banking products and solutions.
United Bank for Africa Kenya is one of 20 African subsidiaries of UBA Group. The bank opened its doors to the Kenyan public in 2009 as part of a concerted effort of by UBA Group to expand its African footprint . UBA Kenya contributes positively to Group and plays a significant role in the quest to build the strongest domestic and African banking brand.