Economy & Politics

Covid-19: UBA Kenya performing well thanks to a good strategy

UBA Kenya, a subsidiary of pan-African bank UBA, performed well during the 3e quarter 2020. According to the bank’s financial report which reached the press on Friday, December 4, certain indicators were in green during the first 9 months of the year.

Indeed, the net profit stood at 251.3 million shillings (2.2 million USD) at the end of September against 116.8 million shillings (1 million USD) during the same period of the past year. . As for the bank’s asset base, it increased by 37%, from 16 million shillings (144,209 USD) to 21.8 million shillings (196,485 USD) during the same reporting period.

The credit book and deposits also experienced respective increases of 10% and 25% over the same period. Improved deposits resulted in an increase in net interest income of nearly 200 million shillings (1.8 million USD).

According to UBA Kenya Acting Managing Director Kehinde Omirinde, the bank’s performance is because it adopted an emergency strategy to deal with the coronavirus pandemic.

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