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 yesterday, showed relatively positive improvements across key financial indicators. See the summary below. UBA’s net interest income for the first quarter period increased by 12.6% 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 11.3% to N91.3 billion in Q1 2020, up from N81.9 billion in Q1 2019. This rose by 12.9% to N58.6 billion, up from N51.9 billion in Q1 2019. What this shows, therefore, is that the bank incurred a little bit more cost in the course of its operations during the first three months of the year.
UBA’s profit before tax for the Q1 period under review stood at N32.7 billion. This indicates an 8.5% 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 5% to N30.1 billion, up from N28.6 billion during the previous comparable quarter. Note that the earnings per share (both basic and diluted) remained almost unchanged having increased slightly N0.82 in Q1 2019 to N0.83 in Q1 2020.