UBA’s Interest Income Soars 134%, Crosses N1 Trillion Mark in June 2024

The United Bank for Africa (UBA), a leading financial institution in Nigeria and Africa, grew its interest income by 134% from N428.292 billion in the first half (H1) of 2023 to cross the N1 trillion mark in June 2024, according to the bank’s latest financial statement.

In the financial statement obtained by Investors King, Interest income on amortised cost and FVOCI securities also increased to N967.830 billion, a whopping 126.29% from N427.689 billion recorded in the corresponding period.

Similarly, net interest income appreciated 142.6% from N278.113 billion in H1 2023 to N674.618 billion in H1 2024.

Net interest income after impairment on financial instruments stood at N614.406 billion, a 394.8% increase from N124.169 billion filed in H1 2023.

Net fee and commission income rose by 85.3% from 78.296 billion in the same period in 2023 to N145.097 billion in H1 2024.

The leading financial institution’s profit before income tax rose to N401.577 billion while the bank paid N85.217 billion in tax during the period under review.

Profit after tax stood at N316.360 billion.

The bank proposed an interim dividend of N2.00 per share from the retained earnings account as at 30 June 2024.

This proposed interim dividend amounting to a pay-out ratio of 7.3% (30 June 2023:2.9%), and a yield of 8.9%.