The bank’s result which was released to the Nigerian Stock Exchange showed that gross earnings rose by 18.3 per cent from N155.4 billion in 2021 to N183.9 billion; while operating income which stood at N106.6 billion as at March 2021, grew by N18 per cent to N125.9 billion in the year under consideration.
Leveraging on the growth in both interest and non-interest income, UBA’s profit before tax rose to N44.5 billion as at March 2022, up from N40.6 billion a year earlier, while profit after tax stood at N41.5 billion. The bank sustained its profitability recording an annualized 20.4 per cent Return on Average Equity .
The results revealed that the bank’s total assets also rose by 4.1 per cent to N8.9 trillion in the period under review, compared to N8.5 trillion recorded at the end of the 2021 financial year; while shareholders’ funds grew by 2.6 per cent to N825.7 billion from N804.8 billion in the same period. UBA’s Group Managing Director and Chief Executive, Mr Kennedy Uzoka, explained that despite the myriad of economic challenges on the global front which shaped the first three months of the year, the bank’s business model continued to show resilience.
“Notwithstanding these developments, we were able to leverage gains from our large customer base and vast geographical spread to bolster earnings. We recorded double-digit growth of 18 percent in our gross earnings to N183.9 billion, with our Nigerian operation raking in 65 percent of the revenue while our operations in other countries accounted for the remainder, showing the diversity in our operations,” Uzoka said.