Kennedy Uzoka, United Bank For Africa

Kennedy Uzoka, United Bank For Africa

UBA’s first quarter profit expands by 25% on higher interest earnings

UBA’s first quarter profit expands by 25% on higher interest earnings

4/19/2021 5:39:00 PM

UBA’s first quarter profit expands by 25% on higher interest earnings

Net interest income stood at N74.4 billion relative to the N65.4 billion reported in the same period of last year.

UBA pruned the cash required to make up for loans that are likely to go bad from N2.3 billion to N1.2 billion, easing the weight of costs on its bottom line.It said its cost-to-income ratio increased by 200 basis points to 60.4 per cent in the quarter under review.

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Profit before tax climbed 24 per cent to N40.6 billion, while after-tax profit rose from N30.101 billion to N38.155 billion.“We remain upbeat on the macroeconomic outlook of the countries in which we operate, especially as the COVID-19 vaccine distribution gains traction globally, whilst commodity prices and currencies continue to stabilise,” said Kennedy Uzoka, the chief executive.

ALSO READ:UBA: Bank of many firsts, in pursuit of customer satisfaction“Our robust capital and liquidity positions have positioned us to continue to support our customers across diverse sectors and markets, guided by prudent risk management practices.” headtopics.com

Total assets grew from N7.698 trillion as of December 2020 to N7.892 trillion at the end of March. Read more: Premium Times »

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