UBA Projects Healtheir 2021 With Q1 Results

United Bank for Africa, UBA Plc has released unaudited results for the first quarter ended March 31, 2021, (Q1, 2021) showing impressive double-digit growth across major income lines.

 GreenWhiteGreen GWG reports that the report envisages a brighter financial year after the relatively somber reports of the preceding year.

In the Q1 2021 results, UBA leveraged modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 24 per cent  year-on-year growth in Profit Before Tax in the first three months of the 2021 financial year to N40.6 billion compared with N32.7 billion recorded in the first quarter of 2020.

 Profit After Tax also grew by 26.8 per cent from N30.1 billion in March 2020 to N38.2 billion in the period under review. Interestingly, UBA again sustained its strong profitability recording an annualised 20.5 per cent Return on Average Equity (RoAE) compared to 19.9 per cent in the same period of 2020.

 Driven by a year-on-year growth in interest income, UBA Group recorded another impressive 5.5 per cent percent year-on-year growth in Gross Earnings to close at N155.4 billion for the three month period ending March 2021, compared to N147.2 billion recorded in the first three months of last year 2020.

The results showed that total assets of UBA in Q1, 2021 also rose by 2.5per cent to N7.9 trillion, compared to N7.7 trillion recorded at the end of the 2020 financial year, whilst shareholders’ funds grew to N762.4 billion up by 5.3 per cent from N724.1 billion as at FY 2020.

The results are expected to be analysed and positively taken in by the capital markets ahead of the bank’s second quarter results expected sometime between July and August.

Responding, Group Managing Director/CEO of UBA) Plc, Mr. Kennedy Uzoka, expressed satisfaction with the bank’s performance in the period under review.

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