UBA Grows Post Tax Profit by 17% in Nine Months
The United Bank for Africa (UBA) has posted 17% year on year growth in profitability, according to its earnings release submitted to the Nigerian Exchange.
Details from the financial statement showed the group profit after tax settled at N525.313 billion at the end of nine months period in 2024 financial year, from N44.296 billion.
The group recorded a 170.0% year on year growth in interest income to N1.80 trillion, driven by higher income recorded across all contributory lines.
UBA’s interest expense grew by 211.6% year on year to N695.57 billion in 9M-2024, largely reflecting the elevated rates in the debt market.
Its net interest income was 149% higher year on year, up from N443.082 billion to N1.103 trillion at the end of the -9m of financial year 2024.
Operating income came at N1.539 trillion, which is more than 51% above record achieved in the equivalent period 12 months ago when UBA reported N1.017 trillion.
Non-interest income declined during the period by 24.1% year on year to N435.84 billion as the fair value loss on derivatives totaling N243.38 billion undermined the gains from FX revaluation, net fees and commission income, FX trading, and investment securities.
Further down, operating expenses grew by 119.0% year on year to N812.20 billion, triggered by increases in the group’s regulatory and personnel costs.
The group’s profit before tax rose by 20.2% year on year to N603.48 billion.# UBA Grows Post Tax Profit by 17% in Nine Months
