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Kenya

UBA Kenya Defies COVID-19 to Register Improved Profit In 3Q20

NAIROBI, Kenya Dec 4 – United Bank for Africa, Kenya has announced its third-quarter 2020 financial results, registering a 199 percent jump in Profit Before Tax (PBT) to stand at Sh 348 million, compared to Sh 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 a challenging business operating environment.

The bank’s asset base also grew by 37 percent mainly due to additional investments in Fixed Income securities.

The loan book and deposits increased slightly by 10 percent and 25 percent respectively due to financial support given to our customers as they diversified their business during the pandemic.

Commenting on the Q3 financial results, 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.

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