By HEADLINENEWS.NEWS correspondent
UBA has released its unaudited financial statements for Q1 2024, with the group posting a pre-tax profit of N156.3 billion, marking a 155% year-on-year increase from the N61.4 billion posted in Q1 2023.
The surge in net income bolstered the group’s retained earnings, propelling them to N1.055 trillion in the quarter, positioning UBA as the sole Nigerian company to achieve retained earnings surpassing N1 trillion Naira.
- Net interest income: N300.7 billion, +151% YoY
- Total non-interest income: N77.9 billion, +39% YoY
- Operating income: N378.6 billion, +115% YoY
- Net operating income after impairment loss: N375.3 billion, +122.5% YoY
- Total operating expenses: N219 billion, +104% YoY
- Profit before income tax: N156.3 billion, +1547% YoY
- Profit for the period: N142.6 billion, +166% YoY
- Earnings per share: N3.96, +169% YoY
- Total assets: N25.4 billion, +23% YTD
- Cash and bank balances: N7.7 trillion, +28% YTD
- Loans and advances to banks and customers: N7.5 billion, +34% YTD
Commentary
During the quarter, UBA’s income from FX trading reached N23.7 billion, marking a 96% year-on-year increase from the N12.1 billion posted in Q1 2023. Additionally, the group recorded an FX revaluation gain of N3.9 billion.
Regarding operating expenses, there was a noticeable increase in wages and salaries. Throughout the quarter, the group’s expenditures on wages and salaries totaled N64.3 billion, representing a 111% year-on-year growth from the N30.4 billion posted in Q1 2023.