Nigeria: UBA’s nine-month profit jumps 36% to N105bn on higher income from term loans

The bank’s gross earnings rose 7.9 per cent to N490.3 billion.

United Bank for Africa (UBA), between January and September, reported N104.6 billion in post-tax profit, more than one-third bigger than the figure it recorded for the same period of last year when N77.1 billion was reported, the lender said on Sunday.

Term loan, the major source of interest income, contributed N152.4 billion to that pool after growing by 6.4 per cent, according to the unaudited financial report of UBA obtained by PREMIUM TIMES.

The moderate climb in the interest income of Nigeria’s third biggest bank by asset for the nine months to September is coming after a half-year period during which growing profit at the same rate a year before proved harder for the country’s top banks.

The bank’s gross earnings rose 7.9 per cent to N490.3 billion, drawing support from an expansion in fees and commission income.

UBA noted a steep jump in the cash it made from electronic banking transactions as the major boost of this income category, with the figure coming to N41.9 billion.

Profit before tax stood at N123.354 billion, 36.5 per cent more than what was posted in the corresponding period of last year.