UBA records 14% growth in gross earnings to N106.65B in Q1
One of Africa’s largest lenders l, United Bank for Africa (UBA) Plc has released its unaudited Financial statement for the first quarter of 2021 which showed it recorded a 27 percent increase in its Profit After Tax (PAT) to N38.16 billion from N30.10 billion in the corresponding period of 2020 (Q1’2020).
The PBT rose by 24 per cent to N40.58 billion in Q1’21 from N32.72 billion in Q1’2020.
The Gross Earnings (income) rose to N106. 65 billion in Q1’21 from N93.94 billion Q1’2020, indicating 14 per cent increase.
The growth in earnings was driven by 14 per cent increase in Net Interest Income and 13 per cent increase in Non-Interest Income.
Net Interest Income rose to N74.38 billion Q1’21 from N65.42 billion in Q1’2020
Non-Interest Income increased to N32.27 billion in Q1’21 from N28.53 billion Q1’2020.
The bank’s performance was further enhanced by a 23 percent decline in Net Impairment (losses to bad loans) which fell to N2.03 billion in Q1’21 from N2.64 billion in Q1’2020.
There was a 1.2 per cent increase in Customers’ Deposit to N7.78 trillion in Q1’21 from N7.69 trillion in Q1’2020.
Loans and Advances to Customers rose by 7.1 per cent to N2.73 trillion in Q1’21 from N2.55 trillion in Q1’2020.
The above improvements in key performance indicators among other things led to a 2.6 percent growth in the Total Assets of the bank which rose to N7.89 trillion in Q1’21 from N7.69 trillion in Q1’2020.