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UBA Makes N28.7bn Profit in First Three Months of 2019

By Modupe Gbadeyanka

Pan-African lender, United Bank for Africa (UBA) Plc, has announced making a total of N28.7 billion as profit in the first three months of 2019. This figure is higher than the N23.7 billion profit after tax netted by the company in the corresponding period of 2018.

UBA, which recently commenced full banking operations in the United Kingdom, disclosed further that it raked N98.6 billion as interest income against N90.3 billion generated a year ago, while the interest expense increased to N40.5 billion from N36.8 billion.

According to the financial statements of the bank released to the Nigerian Stock Exchange (NSE) today, a total of N24.2 billion was realised from fees and commission income against N20 billion in Q1 2018, while the fees and commission expense rose to N7.5 billion from N5 billion.

However, the net trading and foreign exchange income dropped in Q1 2019 to N6.1 billion from N6.7 billion, but the operating income jumped to N83.7 billion from N77.6 billion.

In the period under review, the profit before tax appreciated to N30.2 billion from N26.6 billion, while the earnings per share (EPS) rose to 82 kobo from 67 kobo.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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