UBA Kenya registers a 262% rise in pre tax profit to Ksh. 52.2 Million
United Bank for Africa (UBA) Kenya, has today reported a 262% rise in profit before tax to Ksh. 52.2 Million for the period ended September 2018. This is up from Ksh. 14.4 Million posted in a similar period last year.
In the period the bank’s Total Asset base grew from Ksh. 6.9 Billion in September 2017 to Ksh. 15.8 Billion in September 2018. This was as a result of onboarding new customers as well as an increase in the wallet size of the customers.
Customer deposits also grew by 43% to Ksh. 5.9 Billion in same period. Customer loans grew by a small margin of 2.7% to Ksh. 3.6 Billion. This can be attributed to the tough macroeconomic conditions in the country.
Mr. Emeke E. Iweriebor, CEO, UBA East and Southern Africa, had this to say about the results, “The bank’s year to date performance has seen steady growth in key financial parameters, indicating strength and sustainability of our business and effective execution of our strategy. The bank will continue to make strategic investments in product development, as we endeavor 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.”
In line with this, the bank launched its Facebook chat banking service dubbed LEO, enabling customers to carry out banking transactions via Facebook Messenger, marking a great milestone in the Kenyan banking sector while becoming the first bank in Kenya, to offer such a service.