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UBA posts 18% growth in earnings as pre-tax profit hits N44.5bn

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United Bank for Africa (UBA) Plc has released its unaudited results for the first quarter ended March 31st, 2022, recording impressive growth across its income lines.

The bank’s result which was released to the Nigerian Stock Exchange on Tuesday showed that gross earnings rose by 18.3 per cent from N155.4 billion in 2021 to N183.9 billion; while operating income which stood at N106.6 billion as at March 2021, grew by N18 per cent to N125.9 billion in the year under consideration.

The results revealed that the bank’s total assets also rose by 4.1 per cent to N8.9 trillion in the period under review, compared to N8.5 trillion recorded at the end of the 2021 financial year; while shareholders’ funds grew by 2.6 per cent to N825.7 billion from N804.8 billion in the same period.

Leveraging on the growth in both interest and non-interest income, the bank’s profit before tax rose to N44.5 billion as at March 2022, up from N40.6 billion a year earlier, while profit after tax stood at N41.5 billion. As always, UBA sustained its strong profitability recording an annualized 20.4 per cent Return on Average Equity (RoAE).

UBA’s Group Managing Director/Chief Executive Officer, Mr Kennedy Uzoka, explained that despite the myriad of economic challenges on the global front which shaped the first three months of the year, the bank’s business model continued to show resilience.

These challenges among others, he noted include the ongoing crisis between Russia and Ukraine that has resulted in a huge supply shock, pushing up commodity prices; and the hike in the interest rates in most advanced countries aimed at tackling spiralling inflation, sparking capital flow reversal from emerging and frontier markets.