Interest income boost lifts UBA’s nine-month profit to record N116 billion

United Financial institution for Africa (UBA)’s profit for the nine-month interval from January by means of September hit its peak degree ever this 12 months, catapulted by cheap progress in curiosity income, its monetary statements confirmed Monday.

The lender reported N420.2 billion in curiosity income, equal to an enchancment of twenty-two.3 per cent relative to a 12 months in the past.

Boost for income additionally got here from internet payment and fee income, which superior from N67.9 billion to N82.9 billion, with income from digital banking offering over a 3rd of that sum.

UBA, backed by Tony Elumelu, now has Oliver Alawuba as its chief following the departure of Kennedy Uzoka who exited the place in August. The lender, certainly one of Nigeria’s greatest 5, has footprints in twenty markets on the continent and a buyer base in extra of 27 million.

Oliver Alawuba, CEO UBA
Oliver Alawuba, CEO UBA

It made an allowance of N13.6 billion, greater than twice the sum for a similar interval of final 12 months, to cowl loans whose possibilities of being repaid has been marred by default.

READ ALSO: UBA’s diversified companies function hedge in opposition to monetary dangers

Final week, New York-based international credit standing company Moody’s Buyers Service listed UBA amongst 9 Nigerian banks marked for downgrade on long-term deposit scores and long-term issuer and senior unsecured debt scores as Nigeria’s present foreign exchange crunch casts gloom on the banks’ potential to meet their international forex obligations.

UBA dedicated N163.4 billion to different working bills in distinction to N123.2 billion one 12 months prior. The most important stress level right here was its spending on gas, repairs and upkeep which, apart from being the largest part of this expenditure class, soared 78.6 per cent 12 months on 12 months.

Pre-tax profit enlarged 12.3 per cent to N138.5 billion, whereas internet profit jumped to N116 billion from N104.6 billion.

The lender’s whole property for the interval had been estimated at N9.3 trillion, 9.1 per cent stronger than their worth as of the top of December 2021.

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