Browsing: UBA profit

UBA Kenya has defied coronavirus effects and made 199 per cent pretax profit increase in Quarter 3.

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 Sh348 Million ($3.132 million), compared to Sh116 Million ($$1.044 million) reported in September last year.

The performance growth was largely driven by efficient management of the balance sheet as well as cost optimization, amid challenging business operating environment.

According to a statement from the financial institution, the bank’s asset base also grew by 37 percent mainly due to additional investments in Fixed Income securities.

According to Kenya National Bureau of Statistics (KNBS), Kenya’s economy slowed down during the first quarter of 2020 compared to the corresponding quarter in 2019.

The loan book and deposits increased slightly by 10 percent and 25 percent respectively due to financial support …