UBA Posts Over N45 Billion in Profit in Q3 2022

The United Bank for Africa Plc (UBA) has reported N162.873 billion in interest income in the third quarter (Q3) ended September 2022.

This represents a 34.52% increase from N121.078 billion recorded in the same period of 2021, the leading financial institution disclosed in its unaudited financial statement obtained by Investors King.

The bank’s interest expense grew by 44.98% from N39.881 billion achieved in the corresponding period of 2021 to N57.82 billion in the period under review.

Fees and commission income stood at N41.684 billion in Q3 2022, an increase of 12.97% when compared to N36.897 billion in Q3 2021.

The lender paid N19.381 billion as fees and commission expenses in the period under review, up by 31.4% from N14.747 billion paid in Q3 2021.

UBA’s net fee and commission inched slightly higher from N22.150 billion in Q3 2021 to N22.303 billion in Q3 2022.

Total non-interest income was N53.677 billion in the period under review, a 30.27% from N41.203 billion filed in Q3 2021. Operating income rose by 29.68% to N158.728 billion, up from N122.400 billion posted in the same period of 2021.

Net operating income after impairment loss on loans and receivables grew by 27.92% from N119.970 billion recorded in Q3 2021 to N153.728 billion.

UBA’s total operating expenses jumped a whopping 37.63% to N100.727 billion in Q3 2022 from N73.182 billion in Q3 2021.

Profit before income tax expanded by 11.82% to N52.744 billion from N47.166 billion filed in the same period of 2021.

UBA paid N7.036 billion as income tax for the period to post a profit after tax of N45.708 billion in the period. A 3.85% increase when compared to N44.014 billion.

In September, Oliver Alawuba, UBA’s group managing director/chief executive officer, who commented on the Group’s first-half results of the year, said the positive performance was in accordance with the bank’s expectations.

“The financial year 2022 showed initial signs of recovery of economies across the globe, despite continued COVID-induced supply-chain disruptions,” Alawuba said.

“However, geopolitical challenges, including the Russia and Ukraine conflict, resulted in the escalation of global commodity prices, particularly that of grains and crude oil, which have taken a toll on several economies.

“Notwithstanding these developments, our half-year numbers came out stronger than the previous year, with top and bottom-line reaching new record highs.”