UBA’s H1:2023 financial results mirrored the earnings growth across its Tier-1 peers on the back of the FX liberalization policy implemented during the period. Gross earnings increased by 163.66% YoY to NGN981.78bn, largely supported by higher non-interest income (+381.30% YoY to NGN553.48bn). Interest Income remained elevated, growing by 66.57% YoY to NGN428.29bn. On the other side, Operating Expenses advanced 39.82% YoY to NGN226.37bn owing to rising personnel costs and AMCON levy. The group posted a triple digit growth in profitability as Profit Before Tax (PBT) advanced 370.73% YoY to NGN403.65bn while Profit After Tax (PAT) grew by 437.76% YoY to NGN378.24bn. Overall, Net Profit Margin improved by 19.64% to 38.53% in the period.
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