United Bank for Africa PLC (UBA) Q3-2020 earnings shows an impressive topline as gross revenue advanced by 9.03% majorly driven by 6.46% increase in interest income despite the drag in fees and commission income.
Specifically, UBA interest income advanced from N297.90bn to N317.14bn followed by a 5.66% reduction in interest expenses.
Consequently, net interest income advanced by 17.06% to N186.02bn amid increasing impairment charges. A 72.23% increase in impairment charges pressure down net interest income after impairment to N174.55.
Income from fees and commission declined by 11.14% arising from lower-income from credit-related fees and commission despite increase trade transactions income. A 19.20% increase in operating expenses also reduced Profit Before Tax by 8.00% down to N90.37bn.
READ: List of GTBank Sort Codes & Branches (with addresses) in Nigeria
Consequently, UBA’s profit after tax declined by N5.52 to N77.13 compared to the N81.63bn in Q3-2019. In summary, Earnings per share declined by 6.90% to N2.16 in the current period.
Stanbic IBTC - Micro, Small, and Medium Enterprises (MSMEs) across Oyo State embraced the opportunity…
Guaranty Trust Bank Ltd (GTBank), the flagship banking subsidiary of Guaranty Trust Holding Company Plc…
As a major sponsor of Lagos Polo Club over the years, Stanbic IBTC was proud…
Kenya has introduced new legal powers allowing its central bank to provide emergency financial support…
Stanbic IBTC Capital, a subsidiary of Stanbic IBTC Holdings, has been named the Best Investment…
By Olajumoke Bello, Head Enterprise Banking, Stanbic IBTC Bank Across Nigeria, small and medium enterprises…
This website uses cookies.