UBA Reports N41.496 Billion Profit After Tax in Q1 2022

United Bank for Africa Plc reported an 8.8% increase in profit after tax for the first quarter (Q1) ended March 31, 2022. Profit after tax grew from N38.155 billion in Q1 2021 to N41.496 billion in Q1 2022.

The leading lender in Africa disclosed in its unaudited financial statement obtained by Investors King on Wednesday.

Net interest income rose to N84.869 billion, representing a 14.1% increase from N74.381 billion reported in the corresponding period of 2021. Net fee and commission income expanded by 19.3% from N20.366 billion filed in Q1 2021 to N24.297 billion in Q1 2022.

Total non-interest income stood at N41.020 billion in the quarter under review, a 27.12% improvement from N32.267 billion in Q1 2022.

Profit before income tax gained 9.6% to N44.484 billion in Q1 2022 from N40.581 billion achieved in Q1 2021. The lender paid N2.988 billion in income tax in the quarter under review.

At the just-concluded earnings call,  the Group Managing Director and Chief Executive Officer, United Bank for Africa (UBA) Plc, Kennedy Uzoka said “Considering the significant investment the bank has made over the years across the globe – this is about $105 million in 20 African countries, United Kingdom, France and the United Arab Emirates, and the fact that UBA is the only Sub-Saharan bank with a deposit-taking license in the United States of America – We are indeed beginning to reap the benefits of our investments.

“It is expected that, as the operations continue to grow, the bank will be able to realise the full benefits of its investments in multiples and will thereby, deliver much higher dividend returns to shareholders in the years ahead,” Uzoka told the investors.”

“Our records show a very well-diversified loan book across various critical sectors across the economies in which we operate and the diversification is in both industry sectors, across geographies and customer segments,” Ugo Nwaghodoh, the bank’s chief finance officer said at the meeting.

“We are reinforcing our digital banking and payment offerings as we continue to see a stronger proportion of non-interest income to total income in the days ahead.”