UBA Posts N44.43 Billion Profit After Tax in Q2 2020

The United Bank for Africa (UBA) Plc reported a decline in profit after tax for the second quarter of 2020.

The lender interest income rose from N204.885 billion posted in the second quarter of 2019 to N205.586 billion in the second quarter of 2020.

UBA grew net interest income to N119.32 billion in the period under review, up from N110.123 billion posted in the corresponding period of 2019.

Net income after impairment on financial and non-financial assets increased from N107.003 billion in the same period of 2019 to N111.517 billion.

The bank generated N55.868 billion in fees and commission income and incurred N17.582 billion fees and commission expenses in the second quarter of 2020, against fees and commission income of N52.344 billion and N16.289 billion spent as fees and commission expense in the corresponding period of 2019

Therefore, net fee and commission income stood at N38.582 billion in the second quarter of 2020, up from N36.055 billion filed in the second quarter of 2019.

Despite COVID-19 lockdown, UBA’s employee benefit expenses surged from N37.178 billion filed in the same period of 2019 to N44.565 billion in the second quarter of 2020.

Similarly, other operating expenses grew from N63.597 billion in the second quarter of 2019 to N77.971 billion in the second quarter (Q2) of 2020.

Total profit before income and tax stood at N57.129 billion, down from N70.274 billion achieved in Q2 2019.

Profit after tax declined from N56.739 billion posted in the Q2 2019 to N44.431 billion.