UBA Records 18% Growth in Gross Earnings in Q1 2018

By Modupe Gbadeyanka

The United Bank for Africa (UBA) Plc has recorded another sterling performance, further cementing its position as one of the best financial institutions in Africa.

In its financial statements for the first quarter of 2018, the bank posted a 17.89 percent increase in its gross earnings. The financial results showed that the earnings rose to N119.4 billion in Q1 2018 from N101.3 billion in Q1 2017.

Also, the interest income appreciated by 17.7 percent in the period under review to N90.3 billion from N76.8 billion in the corresponding period on 2017.

Furthermore, the net interest income was N53.6 billion in Q1 2018 against N51.6 billion in Q1 2017.

In addition, the fees and commission income increased by 21.4 percent to N20 billion from 16.5 billion in March 2017.

However, the net trading income and foreign exchange income went down during the period under review by 13.1 percent to N6.7 billion from N7.8 billion in Q1 2017.

Business Post reports that the operating income increased in Q1 2018 to N77.6 billion from N72.6 billion in Q1 2017, while the net impairment loss on loans and receivables improved by 53.1 percent in Q1 2018 to negative N1.5 billion from negative N3.1 billion in Q1 2017.

The total operating expenses as at March 31, 2018 stood at negative N49.7 billion versus negative N44 billion as at March 31, 2017.

However, the profit before tax increased by 4.3 percent to N26.6 billion from N25.5 billion, while the profit after tax rose by 6.2 percent to N23.7 billion from N22.4 billion.

The total assets of UBA in Q1 2018 stood at N4.3 trillion from N3.7 trillion in Q1 2017, while the total liabilities closed at N3.8 trillion as at March 31, 2018 in contrast to N3.2 trillion as at March 31, 2017.