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.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...