Impressive Performance Riding on Core Banking Income
United Bank for Africa Plc. recently released its unaudited Q1:2024 financial result. Gross earnings grew 110.25% YoY to NGN570.16bn following impressive interest and non-interest income growth. Interest Income soared 129.71% YoY to NGN440.76bn while Non-Interest Income grew by 63.17% YoY to NGN129.39bn. On the other side, Operating Expenses advanced 104.05% YoY to NGN218.97bn owing to employee expenses, energy, and maintenance cost. Profit Before Tax (PBT) and Profit After Tax (PAT) grew by 154.74% YoY and 166.07% YoY respectively to NGN156.34bn and NGN142.58bn consecutively. Overall, Net Profit Margin increased by 5.25% to 25.01% in the period.
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