United Bank for Africa (UBA)’s bottom-line grew at a pace of 4.3 per cent for the financial year 2021, according to its audited financial report published by the Nigerian Exchange Limited on Friday.
Interest income expanded to N474.3 billion in contrast to the N427.9 billion posted for 2021 just as fees and commission income of the tier 1 lender jumped by one-fourth to N158.6 billion.
The latter derived stimulus from earnings from electronic banking, which scaled up from N44.2 billion to N64.6 billion.
On the expenditure side, other operating expenses soared by 14.6 per cent to N163 billion because of a reasonable rise in UBA’s banking sector resolution cost including AMCON levy, moderating earnings.
Also weighing on earnings was a leap of as much as 90.1 per cent in income tax spending to N34.4 per cent from its 2020 level.
Pre-tax profit stood at N153.1 billion compared with the N131.9 billion posted a year earlier, while profit after tax enlarged by 4.3 per cent to N118.7 billion.
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That revved up earnings per share from N3.20 to N3.39.
Stanbic IBTC Nominees Nigeria Limited holds the biggest interest in UBA at 5.9 per cent equivalent to over 2 billion ordinary shares, with Tony Elumelu-backed Heirs Holdings ranking next with a 5.30 per cent stake. Elumelu, formerly the bank’s chief, now chairs its board.
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