Earnings Report /
Nigeria

UBA: Q3 21 results show strong growth in revenues

  • UBA reported a Q3 21 net profit to shareholders of NGN43bn, up 34% yoy and surpassing our forecast

  • Although revenues increased, costs grew in tandem, leading to a marginal improvement in operating efficiency

  • Reiterate Buy with a TP of NGN12, due to discounted valuation, regional diversification and retail banking rollout

Busola Jeje
Busola Jeje

Research Analyst

Tellimer Research
26 October 2021
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