United Bank for Africa Plc (UBA) has joined the growing list of companies that have so far released their first quarter (Q1 2020) earnings reports.
The unaudited financial report, which was released Thursday on The Nigerian Stock Exchange, showed relatively positive improvements across key financial indicators.
UBA’s net interest income for the first quarter period increased by 12.6 per cent to N65.4 billion, up from N58 billion in Q1 2019. Total non-interest income also rose from N25.6 billion in Q1 2020 to N28.5 billion during the period under review.
Also note that the tier-1 bank’s net operating income after impairment loss on loans and receivables increased by 11.3per cent to N91.3 billion in Q1 2020, up from N81.9 billion in Q1 2019.
Total Operating Expenses rose by 12.9 per cent to N58.6 billion, up from N51.9 billion in Q1 2019.
QUBA’s profit before tax for the Q1 period under review stood at N32.7 billion. This indicates an 8.5 per cent increase when compared to N30.1 billion profit before tax that the company recorded in Q1 2019.
In the same vein, the bank’s profit after tax for the period increased by five per cent to N30.1 billion, up from N28.6 billion during the previous comparable quarter.
Earnings per share (both basic and diluted) remained almost unchanged having increased slightly N0.82 in Q1 2019 to N0.83 in Q1 2020.