April 27, (THEWILL) – United Bank for Africa Plc has announced a profit of N41.5 billion for its operations in the first quarter (Q1) of 2022, reflecting a growth of 8.7 percent year-on-year.
The results which it released on Wednesday, showed that Earnings per share for the period recorded a 9.62 percent increase to N1.14, from the N1.04 achieved in the corresponding period of 2021.
The report further revealed that Net interest income grew by 14.10 percent from N74.38 billion to N84.87 billion in the current period.
Analysts say 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 aspects of the results include N125.08 billion earned from its lending business as Interest income grew by 15.18% from N108.59 billion, while Net operating income after impairments appreciated by 16.33 percent to stand at N121.71 billion.
The Tier-1 lender grew its net income from fees and commission by 19.30 percent to N24.30 billion year on year and generated a total of N14.96 billion in Bet trading and Foreign exchange income representing a 42.89 percent growth year on year.
The bank raked in N15.11 billion as Electronic banking income, representing a 21.04 percent increase from N12.48 million in Q1 2021.
Data from the report further revealed that the bank grew its deposits from customers by 4.47 percent to N6.65 trillion, while its total assets now stand at N8.89 trillion, with Net assets rising 2.60 percent to hit N825.75 billion.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
