UBA Plc Reports Profit Of N42bn In Q1, 2022

United Bank for Africa (UBA) Plc has released 2022 first quarter financial result, indicating a profit of N41.50 billion an 8.76 per cent growth year on year.
The report showed that net interest income grew by 14.10 per cent from N74.38 billion to N84.87 billion in the current period as earnings per share for the period were reported as N1.14; a 9.62 per cent increase from the N1.04 recorded a year earlier in 2021.
UBA’s profit performance is on the back of all margin growth as income from interest, trading income and fees and commission income all appreciated year on year.

Key Highlights Of Its Results
The Nigerian lender earned N125.08 billion from its lending business as Interest income grew by 15.18 per cent from N108.59 billion.
Despite a 223 per cent spike in loan losses, net operating income after impairments still appreciated by 16.33 per cent to stand at N121.71 billion.
The bank, however, grew its net income from fees and commission rising 19.30 per cent to N24.30 billion year on year.
Also, the bank generated a total of N14.96 billion in net trading and foreign exchange income representing a 42.89 per cent growth year on year.
However, the bank also made Income from the disposal of property, dividends, rental, and cash handling, which raked in a total of N1.76 billion.
The bank’s Electronic banking income raked in N15.11 billion, representing a 21.04 per cent increase from N12.48 million in Q1 2021, indicating that the bank has efficiently utilized its use of electronic banking channels to deliver financial services to its consumers.
Trade transactions income for the Q1 2022 period grew by 109.19 per cent from N7.42 billion in the corresponding period of 2021 to N3.55 billion.
In addition, the bank also grew its deposits from customers by 4.47 per cent to N6.65 trillion while its total assets are now N8.89 trillion. Net assets rose 2.60 per cent to N825.75 billion.
United Bank for Africa Plc last traded at N8.10 per share and its market capitalization stands at N277.02 billion as of Tuesday, April 26, 2022. Year-to-date performance shows that the share price of the company has appreciated by 0.62 per cent.