Starting 2021 On Strong Note, UBA Records 27% PAT Growth, 20.5% RoAE In Q1
Pan African financial institution, United Bank for Africa (UBA) Plc, has released its unaudited results for the first quarter ended March 31st, 2021, showing impressive double-digit growth across most of its major income lines.
The bank leveraged on modest growth in both interest and non-interest income as well as increased efficiency to deliver an impressive 24% 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% 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% Return on Average Equity (RoAE) compared to 19.9% in the same period of 2020.
Driven by a year-on-year growth in interest income, UBA Group recorded another impressive 5.5% 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 bank’s total assets also rose by 2.5% to N7.9 trillion in the period under review, 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% from N724.1 billion as at FY 2020.
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