Monday, May 20, 2024

UBA Retained Earnings Surpass N1 Trillion Milestone with N156.3 Billion Pre-Tax Profit in Q1 2024

UBA’s unaudited financial statements for Q1 2024 reveal a remarkable performance, with the group reporting a pre-tax profit of N156.3 billion, marking a staggering 155% year-on-year increase from the previous year’s N61.4 billion.

The group’s net income surged to N142.6 billion, a remarkable 166% year-on-year growth from Q1 2023, significantly boosting UBA’s retained earnings, which now stand at N1.055 trillion. This milestone makes UBA the first Nigerian company to exceed N1 trillion in retained earnings.

Notably, UBA’s net interest income witnessed a remarkable 151% year-on-year growth, reaching N300.7 billion from N119.6 billion in Q1 2023. This growth is attributed to the high interest rate monetary environment in Nigeria, driving the bank’s improved earnings.

In Q1 2024, UBA’s total non-interest income reached N77.9 billion, a 39% year-on-year increase, while operating income surged to N378.6 billion, marking a 115% year-on-year growth. The group’s net operating income after impairment loss reached N375.3 billion, a substantial 122.5% year-on-year increase.

However, operating expenses also saw a significant rise. Expenditure on wages and salaries soared to N64.3 billion, a 111% year-on-year growth, while expenditure on fuel, repairs, and maintenance reached N33.2 billion, a 137% year-on-year increase.

To meet its N500 billion minimum capital requirement, UBA is set to issue 10.8 billion new shares, aiming to increase its share capital from N17.099 billion to N22.5 billion, as its minimum paid-up capital stands at N115.8 billion.

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