UBA’s Q1 profit rises 27% to N38.16bn

The United Bank for Africa Plc has reported a profit of N38.16 billion for the quarter ended Mar. 31, 2021, up from N30.10 billion in the same period of 2020.

The lender said its profit before tax rose to N40.58 billion in Q1 2021 from N32.73 billion in the same period of last year, according to its interim financial statements obtained by Markets Reporters on Sunday.

Its net interest income increased to N74.38 billion in Q1 2021 from N65.42 billion in Q1 2020 while net fee and commission income grew to N20.37 billion from N18.70 billion.

UBA’s total assets rose to N7.89 trillion as of Mar. 31, 2021 from N7.69 trillion at the end of December last year, while total liabilities increased to N7.13 trillion from N6.97 trillion.

Customer deposits increased to N5.79 trillion as of Mar. 31, 2021 from N5.68 trillion three months ago while loans and advances to customers rose to N2.73 trillion from N2.55 trillion.