FRI, APRIL 24 2020-theG&BJournal-United Bank for Africa Plc (UBA) earnings topped analyst estimates, reporting increase in Profit after Tax for the first-quarter 2020, backed by growth in interest and non-interest income.
Profit after tax rose 5% to N30.101 billion from N28.09 billion reported in Q1 2019. Profit before Tax increased 8% from 30-1 billion Q1 2019 to N32.7 billion while net interest income surged 12.6% to N65.417 billion from N58.075 billion reported in Q1 2019.
Total non-interest income also grew N28. 527 billion from N25.638 billion reported in Q1 2019.
The UBA earnings report sent the bank’s shares surging 1.71 % on Thursday.
The bank said total operating expenses rose to N58.6 billion, a 12.9% growth from N51.9 billion reported in Q1 2019.
Net operating income after impairment loss on loans and receivables settled at N91,302 billion, 11.3% higher than the Q1 2019 figure of N81,999 billion.
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