UBA Kenya profit up 262pc in nine months

November 30, 2018
Customer deposit book also grew 43 per cent from Sh4.2 billion in September 2017 to close at Sh5.9 billion in September 2018/FILE

, NAIROBI, Kenya, Nov 30 – UBA Kenya has reported a 262 per cent growth in profit before tax to hit Sh52.2 million in the first nine months of the year compared to Sh14.4 million in the previous year.

The bank’s total asset base doubled in size from Sh6.9 billion in September 2017 to Sh15.8 billion in September 2018 due to on boarding of 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 2018.

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, indicating strength and sustainability of the business and effective execution of its strategy.

“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, marking a great milestone in the Kenyan banking sector while becoming the first bank in Kenya, to offer such a service.

UBA Kenya is a subsidiary of UBA Plc.

The bank has been operating in Kenya since 2009 offering a full range of banking products and solutions.

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