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United Bank for Africa (UBA) Kenya registered a pre-tax profit of 348million in its Q3 2020 financial results –a 199 per cent jump from Sh116million the lender reported in September last year.
It attributed the impressive performance on efficient management of the balance sheet as well as cost optimization, amid challenging business operating environment during this pandemic period.
The bank’s asset base also grew by 37 per cent mainly due to additional investments in Fixed Income securities.
The loan book and deposits increased slightly by 10 per cent and 25 per cent respectively due to financial support given to our customers as they diversified their business during the pandemic.
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 endeavor to continue making strategic investments in product development and innovation providing our customers with excellent service,” said Kehinde Omirinde, the Ag Chief executive of UBA Kenya – while announcing the results.