Starting strong: UBA records 27% PAT growth, 20.5% ROAE
Profit After Tax also grew by 26.8 per cent from N30.1 billion in March 2020 to N38.2 billion in the period under review. Interestingly, UBA again sustained its strong profitability recording an annualised 20.5 per cent Return on Average Equity (RoAE) compared to 19.9 per cent in the same period of 2020.
Driven by a year-on-year growth in interest income, UBA Group recorded another impressive 5.5 per cent percent year-on-year growth in Gross Earnings to close at N155.4 billion for the three month period ending March 2021, compared to N147.2 billion recorded in the first three months of last year 2020. The bank’s total assets also rose by 2.5per cent to N7.9 trillion in the period under review, compared to N7.7 trillion recorded at the end of the 2020 financial year, whilst shareholders’ funds grew to N762.4 billion up by 5.3 per cent from N724.1 billion as at FY 2020.
Responding, Group Managing Director/CEO of UBA) Plc, Mr. Kennedy Uzoka, expressed satisfaction with the bank’s performance in the period under review.
SOURCE: THE SUN