UBA’s nine-month profit jumps 36% to 105 billion naira on increased income from term loans

United Bank for Africa (UBA), between January and September, reported an after-tax profit of 104.6 billion naira, more than a third higher than the figure recorded for the same period last year when 77.1 billion naira was reported , the lender said on Sunday.

The term loan, the main source of interest income, contributed 152.4 billion naira to this pool after rising 6.4 percent, according to the unaudited UBA financial report obtained by PREMIUM TIME.

The moderate rise in interest income of Nigeria’s third-largest bank per asset for the nine months to September comes after a six-month period in which earnings growth at the same pace as a year ago was shown more difficult for the country’s main banks.

The bank’s gross profits rose 7.9 percent to N 490.3 billion, supported by higher fees and commissions.

UBA noted a sharp increase in cash generated from electronic banking transactions as the main boost in this revenue category, with the figure rising to N41.9 billion.

Profit before tax stood at 123.354 billion naira, 36.5% above what was posted in the corresponding period last year.

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