UBA Bank Records Threefold Growth In Pretax Profit, Hits Ksh52 Million

United Bank for Africa Plc Kenya pretax profit grew by 262 per cent to hit Ksh52.2 million in nine months ended September, compared to Ksh14.4 million in 2017.

This was attributed to new customers as well as an increase in the share of wallet size of existing customers.

Total assets doubled from Ksh6.9 billion in September 2017 to Ksh15.8 billion in September 2018.

Customer deposit book grew by 43 per cent from Ksh4.2 billion to Ksh5.9 billion.

UBA East and Southern Africa Chief Executive, Emeke Iweriebor says the bank’s year to date performance has seen steady growth in key financial parameters.

“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,” added Iweriebor.

Earlier this year, UBA launched its Facebook chat banking service dubbed LEO, enabling customers to carry out banking transactions via Facebook Messenger.

Late this month, UBA chief executive officer (CEO) Isaac Mwige resigned, with his place being taken by a regional executive Emeke Iweriebor in an acting capacity.

The lender said that Mwige had stepped down to pursue “other career interests”.

Read: Mortgage Financier HF Group Records Ksh323 Million Loss

Mwige has headed the bank for four years, since 2014, when he was appointed as the first Kenyan at the helm of the Nigerian headquartered lender.

Mwige’s resignation took effect on November 21, but he will stay until the end of the year when he will hand over to Iweriebor.

Despite making Ksh20.5 million in half year profits, the bank has suffered from bad debts amounting to Ksh866 million to four companies that have been placed under administration.

The bank has been operating in Kenya since 2009.

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