UBA Makes N28.7bn Profit in Q1 2019

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  • Gross earnings grew by +10.3% to N131.67bn from N119.37 in the previous quarter.
  • Interest Income grew by 9.1% from N90.33bn in Q1 2018 to N98.56bn in Q1 2019
  • PBT grew by 13.6% to N30.16bn
  • PAT grew by 20.8% to N28.66bn
  • Net Assets also grew by 8.1% to N543.22bn from N502.61bn as at 31st December 2018

United Bank For Africa Plc released its unaudited first quarter results for the period ended March 31, 2019.

This figure is higher than the N23.7 billion profit after tax netted by the company in the corresponding period of 2018.

UBA disclosed further that it raked N98.6 billion as interest income against N90.3 billion generated a year ago, while the interest expense increased to N40.5 billion from N36.8 billion.

Read:  UBA’s Nine Months Profit Grows by 33% to N78 Billion

According to the financial statements of the bank released to the Nigerian Stock Exchange (NSE) today, a total of N24.2 billion was realised from fees and commission income against N20 billion in Q1 2018, while the fees and commission expense rose to N7.5 billion from N5 billion.

However, the net trading and foreign exchange income dropped in Q1 2019 to N6.1 billion from N6.7 billion, but the operating income jumped to N83.7 billion from N77.6 billion.

In the period under review, the profit before tax appreciated to N30.2 billion from N26.6 billion, while the earnings per share (EPS) rose to 82 kobo from 67 kobo.

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