UBA Reports N28.7bn PAT for Q1

• UBA Reports N28.7bn PAT for Q1

Nigeria’s top lender, United Bank for Africa (UBA) Plc, has reported a profit after tax of N28.7 billion for the first quarter of 2019.

The amount is higher than the N23.7 billion announced for the corresponding quarter of 2018.

Profit before tax grew from N26.6 billion to N30.2 billion while earnings per share (EPS) increased to 82 kobo from 67 kobo.

The Pan-African lender, which announced the commencement of full banking operations in the United Kingdom during the quarter, revealed it generated a net interest income of N58,075 billion in the first quarter, up from the N53,553 billion reported in the same quarter of 2018.

According to the financial results released through the Nigerian Stock Exchange (NSE) on Tuesday, the bank realised N24.2 billion from fees and commission income, also higher than the N20 billion generated in Q1 2018. Fees and commission expenses grew from N5 billion to N7.5 billion.

However, the bank’s net trading and foreign exchange income declined during the first quarter of 2019 to N6.1 billion from N6.7 billion. Still, operating income rose from N77.6 billion to N83.7 billion.