UBA makes N42 billion profit in Q1 2022, operating income up 16.33%

United Bank for Africa (UBA) Plc has reported N41.50 billion profit for the first three months of 2022, ended March 31, 8.76% growth year on year.

The is according to the bank’s financial report for the period made available on Wednesday.

Earnings per share for the period was reported as N1.14, a 9.62% increase from the N1.04 reported a year earlier in 2021.

Further look at the report show that in Q1 2022, bet interest income grew by 14.10% from N74.38 billion to N84.87 billion in the current period.

The bank’s profit performance is on the back of all margin growth as income from interest, trading income and fees and commission income all appreciated year on year.

Here are the highlights of its results

The bank earned N125.08 billion from its lending business as Interest income grew by 15.18% from N108.59 billion.

Despite a 223% spike in loan losses, net operating income after impairments still appreciated by 16.33% to stand at N121.71 billion.

UBA grew its net income from fees and commission rising 19.30% to N24.30 billion year on year.

The bank generated a total of N14.96 billion in net trading and foreign exchange income representing a 42.89% growth year on year.

It made income from the disposal of property, dividends, rental, and cash handling, which raked in a total of N1.76 billion.

The bank’s Electronic banking income raked in N15.11 billion, representing a 21.04% increase from N12.48 million in Q1 2021, indicating that the bank has efficiently utilized its use of electronic banking channels to deliver financial services to its consumers.

Trade transactions income for the Q1 2022 period grew by 109.19% from N7.42 billion in the corresponding period of 2021 to N3.55 billion.

In addition, the bank also grew its deposits from customers by 4.47% to N6.65 trillion while its total assets are now N8.89 trillion. Net assets rose 2.60% to N825.75 billion.

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