UBA posts 9% growth in profit to N41.496bn in Q1 2022
By Philemon Adedeji.
United Bank of Africa has released its unaudited results for the period ended 31 March 2022, announcing growth in profit which increased significantly by 9 per cent to a N41.496 billion in three months of 2022 from N38.155 billion in three months of 2021.
From the platform of Nigerian Exchange Limited (NGX), profit before income tax recorded during the period grew to a 9 per cent from N40.581 billion in corresponding period of 2021 to N44.484 billion in the previous period of 2022.
The group recorded net interest income which appreciated by 14 per cent to N84.869 billion in three months of 2022 from N77.381 billion in three months of 2021,while total non interest income rose by 27per cent from N32.267 billion in 2021 to N41.020 in 2022.
However, net fee and commission income moved higher by 19 per cent to N 24.297 billion three months of 2022 to N20.366 billion in three months of 2021.
During the period the group passed through total expenses of N64.454 in 2021 to N77.642 billion in 2022,this growth revealed an increase of 21 per cent.
Earnings per share recorded for the period increased by 9 per cent from 1.04 kobo in three months of 2021 to 1.14 kobo in three months of 2022.
Strong balance sheet position.
In the unaudited result declared by the group, the group recorded total assets as growth total equity and total liabilities increased further. The group total assets recorded for the period gained 4 per cent to N8.888 trillion in 2022 from N8.54 1trillion in 2021 unaudited result and accounts for the period ended March 31,2021.
Meanwhile, total equity rose by 3 per cent to N 825.753 billion in three months of 2022 from N804.807 billion in three months of 2021.
The group also grew its deposits from customers by a whopping 4.5 per cent from N6.369 trillion in 2021 to N6.653 trillion in 2022, while the rate of bank deposits rose by 5 per cent to N684.37 trillion in 2021 to N654.211 trillion in 2022. In addition, total liabilities increased by 4 per cent to N8.062 trillion in three months of 2022 from N 7.736 trillion in three months of 2021.
