UBA posts N116.04bn profit in nine months

The United Bank for Africa (UBA) posted N116.04 billion as net profit in the first nine months of this year.

The lender was also fined N235 million by industry regulators during the period.

UBA disclosed these in its Condensed Interim Consolidated Financial Statements for the period ended September 30, 2022, released on Monday.

Although UBA didn’t reveal the reason for the penalty, it was gathered that the fine was lower than the N273 million the company reported during the corresponding period last year.

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In terms of earnings, the bank reported the net profit was 10.9 percent higher than the N104.59 billion earned in the same period last year.

However, the report revealed that the lender grossed N45.70 billion in profit after tax, more than the N44.01 billion generated in the same period last year.

The bank’s Net Interest Income also rose from N81.19 billion in 2021 to N105.05 billion this year.

UBA’s income from fees and commissions rose from N36.89 billion in Q3 2021 to N41.68 billion in the same period this year.