UBA records 5% growth in profit for Q1 2020

United Bank for Africa Plc has released its interim consolidated financial statements for first quarter 2020. The financial statements demonstrate positive figures across most financial indicators. The breakdown of the report is shown below:

Interest Income: UBA generated N109.1 billion in interest income as at March 2020, compared to N98.5 billion recorded at the end of the first quarter of 2019. This represents an increase of 10.6%.

Net Interest Income: At the end of the first quarter of March 2020, UBA generated N65.4 billion in net interest income, as against N58 billion recorded as at Q1 2019, representing a 12.6% increase in net interest income.

Profit Before Tax: As at the end of the first quarter of March 2020, the lender recorded N32.7 billion as profit before tax, up from N30.1 billion recorded at the end of Q1 2019. This represents an increase of 8.5%.

Profit After Tax: The bank recorded a profit of N30.1 billion for the first quarter of 2020, up from N28.6 billion recorded at the end of March 2019, representing a 5% leap in profit after tax.

Earnings Per Share: UBA recorded an Earnings Per Share of N0.83 kobo for Q1 2020 as against N0.82 recorded as at the end of March 2019.