United Bank for Africa (UBA) sustained growth at the end of its half year financial result, posting profit after tax of N60.581 billion.
The amount represents a surge of 36.35 per cent compared with N44.431 billion reported the same period of 2020.
The bank also reported profit before tax of N76.186 billion from N57.129 billion recorded in the comparative period of last year.
The bank’s audited half year result released over the weekend showed that Gross earnings up by 5.02 per cent to N315.326 billion from N300.257 billion recorded in 2020 half year financial operation.
An analysis of the result indicated that interest income up by 8.29 per cent to N222.731 billion from N86.262 billion reported in the corresponding period of last year.
Interest expenses fell by 13.56 per cent to N74.563 billion from N86.262 billion, bringing net interest income to N148.068 billion from N111.517 billion, indicating 24.09 per cent growth.
Also fee and Commission income grew by 32.61 per cent to N74.085 billion from N55.868 billion while fee and Commission expenses up by 63.81 per cent to N28.317 billion from N17.286 billion reported in first half of 2020.
Cash and Bank balances surged by 10.16 per cent to N2.065 trillion from N1.874 trillion while Loans and advances went up by 8.84 per cent to N153.191 billion from N166.735 billion made at the end of June 2020.