UBA half-year profits soar by 16%

THE United Bank for Africa (UBA) Plc has witnessed an increase in its earnings for the half-year ended 30 June, 2022.

This is according to the unaudited group accounts forwarded by the firm to the Nigerian Exchange Group (NGX).

The bank recorded a 19.81 per cent increase in its net interest income of N177.46bn for the 2022 half-year period, from N148.06bn in the corresponding period of 2021.

It also recorded N59.91bn as net fee and commission income in June 2022, as against N45.76bn recorded in 2021, representing an increase of 30.91 per cent

UBA’s profit before tax rose to N85.74bn in the half year of 2022, from N76.18bn in the first six months of 2021

Its profit after tax leapt by 16.09 per cent to N70.33bn, from N60.58bn recorded in June 2021.

Similarly, the lender proposed an interim dividend of N0.20 for every ordinary share of 50 kobo each for shareholders whose names appear in the register of members as at the close of business on Thursday, September 22, 2022.

The bank had warned on August 26, 2022, that its half-year results might come late due to the approval of the Central Bank of Nigeria required in publishing the said results.

The statement read in part, “This is to inform The Nigerian Exchange Limited (NGX), our shareholders and the general public that the 2022 Half-Year Financial Statements and Reports for the period ended June 30, 2022, submitted to the Central Bank of Nigeria (CBN) is undergoing the required review and approval process.

“Consequently, the Bank is yet to submit its Audited Financial Statements to the NGX. The Audited Financial Statements will be published upon receipt of the CBN’s approval, which is expected to be before Friday, September 9, 2022.”

Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to [email protected]. Follow on Twitter @theminentmuyiwa and on Instagram @Hollumuyiwah.

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