Interest income drives UBA’s Q1 profit to N142bn

A significant growth in United Bank for Africa’s interest income propelled its first quarter post-tax profit to rise by 166 per cent to N142.58bn.

UBA interest income surged by 129 per cent to N440.76bn in Q1 2024 from N191.88bn in the corresponding quarter of 2023.

This was disclosed in the Interim Unaudited Consolidated financial statements for the period ended March 2024 filed with the Nigerian Exchange Limited on Friday.

During the period under review, the bank also saw its fees and commission income rise to N62.17bn year-on-year from N28.98bn.

On the other hand, some of its expense lines also increased. Employee benefit rose to N66.31bn from N31.26bn, depreciation and amortisation rose to N10.06bn from N6.67bn, while other operating expenses surged to N142.59bn from N69.38bn, indicating a 105.53 per cent increase.

On its balance sheet, the financial group grew total assets by N4.72tn or 22.84 per cent in three months to N25.37tn from N20.65tn as of December 2023, as total liabilities also increased to N22.75bn from N18.62bn.

Retained earnings also saw an upward movement to N1.06tn from N919.87bn as of December 2023.

In the first three months of the year, UBA was involved in fresh 18 legal cases, bringing its portfolio of legal cases to 1,667 (Dec.2023: 1,649).

The total amount claimed in the cases against the group was estimated at N996.63bn (Dec.2023: N987.25bn).

For the financial year 2023, UBA gross earnings grew from N853.2bn to close at N2.08tn; representing a 143 per cent growth.

-By Oluwakemi Abimbola

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