UBA Q1 profit rises by 24%

United Bank for Africa (UBA) Plc has posted N40.6 billion profit before tax (PBT) in its first-quarter 2021 operations against N32.7 billion recorded in the corresponding period in 2020.

The bank’s unaudited results for the first quarter, showed 24 per cent rise in PBT to N40.6 billion, up from N32.7 billion recorded in the corresponding period in 2020 while profit after tax (PAT) also grew by 26.8 per cent, from N30.1 billion to N38.2 billion.

Driven by year-on-year growth in interest income, the bank’s gross earnings rose by 5.5 per cent to close at N155.4 billion, compared to N147.2 billion recorded in 2020.
Its total assets rose to N7.9 trillion, 2.5 per cent up from N7.7 trillion recorded in 2020 while shareholders’ funds grew to N762.4 billion, representing 5.3 per cent rise when compared to N724.1 billion achieved in the previous year.

The Group Managing Director of the bank, Kennedy Uzoka, expressed satisfaction with the performance, stating that the result reflects the bank’s capacity to sustainably grow earnings even in an uncertain macroeconomic environment.

He added that the robust capital and liquidity rates have positioned the bank for future growth as it continues to support customers across diverse sectors and markets, guided by prudent risk management practices.

Uzoka pointed out the bank would intensify effort in diligently executing its priorities in the current financial year, as it leverages people, processes and technology to deliver the best customer experience across all channels.