Categories: Business

UBA posts 26.8% profit, double-digit growth on income lines

The United Bank for Africa (UBA) Plc says its profit after tax (PAT) increased by 26.8 per cent in the first quarter (Q1) for the period ended March 31, 2021.

The bank’s PAT jumped to N23.2 billion in Q1 2021 from N30.1 billion in the same period in 2020.

According to a statement from the bank, it also recorded a double-digit growth across most of its major income lines in period under review.

The tier-1 bank said between January and March, it recorded N40.6 billion, representing a 24 percent year-on-year growth in profit before tax compared with N32.7 billion recorded in the first quarter of 2020.

It stated, “Interestingly, UBA again sustained its strong profitability recording an annualised 20.5% Return on Average Equity (RoAE) compared to 19.9% in the same period of 2020.

“Driven by a year-on-year growth in interest income, UBA Group recorded another impressive 5.5% percent year-on-year growth in Gross Earnings to close at N155.4 billion for the three month period ending March 2021, compared to N147.2 billion recorded in the first three months of last year 2020.

“The bank’s total assets also rose by 2.5 per cent to N7.9 trillion in the period under review, compared to N7.7 trillion recorded at the end of the 2020 financial year whilst shareholders’ funds grew to N762.4 billion up by 5.3% from N724.1 billion as at FY 2020.”

Group Managing Director of UBA, Kennedy Uzoka, said the result reflects the bank’s capacity to grow earnings in a highly uncertain macroeconomic environment.

He expressed satisfaction with the bank’s performance, adding that its current capital and liquidity ratio have positioned the bank as it continues to support its customers across diverse sectors and markets, guided by prudent risk management practices.

Uzoka said the bank is committed to sustaining its performance through a customer driven approach for the rest of the year.

“This impressive 2021 Q1 results reflect the capacity of our business to sustainably grow earnings even in a highly uncertain macroeconomic environment,” he said.

Trends Admin

Recent Posts

BREAKING: Super Eagles qualify for AFCON 2025

BREAKING: Super Eagles qualify for AFCON 2025 The Super Eagles of Nigeria have secured their…

5 hours ago

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight

Disaster averted as bird strike hits Abuja-Lagos Air Peace flight    An Abuja-Lagos flight was…

6 hours ago

NNPC achieves 1.8mbpd crude oil production

NNPC achieves 1.8mbpd crude oil production The Nigerian National Petroleum Company Limited (NNPC Ltd) and…

7 hours ago

BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year

BREAKING: FEC proposes N47.9 trillion budget for 2025 fiscal year The federal government has unveiled…

7 hours ago

EFCC arrests ex-NCMB boss over $35m energy project fraud

EFCC arrests ex-NCMB boss over $35m energy project fraud The Economic and Financial Crimes Commission (EFCC)…

7 hours ago

FG gets fresh $134m loan from AfDB for agric projects

FG gets fresh $134m loan from AfDB for agric projects The Federal Government has secured a…

7 hours ago