WED 27 APRIL, 2022-theGBJournal | United Bank for Africa Plc (UBA) said Tuesday it posted a profit after tax of N41.50 billion in Q1-2022, an 8.76% growth year on year and one of its highest after tax profit in recent times.
The performance is buoyed by year on year growth across all business arms.
The pan-African banking giant grew its Net interest income in Q1-22 by 14.10% to N84.87 billion, from N74.38 billion while its net operating income after impairment loss on loans and receivables rose to N121.705 billion from N104.620 billion in Q1 2021. Total non-interest income also grew to N41.02 billion in the period under review from N32.267 billion.
A total of N14.96 billion was generated in net trading and foreign exchange income, a 42.89% growth year on year. The Bank’s electronic banking business also grew 21.04% in the quarter to N15.11 billion, an increase of 21.04% from N12.48 billion the previous year.
Deposits from customers rose to N6.65 billion or 4.47% in the period while its total assets now stands N8.888 trillion compared to N 8.541 trillion in Q1 21 .
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