UBA PLC has released its Q3 result showing that its net profit rose by xx% rose from NGN52.2 billion for the third quarter of 2016 compared to NGN48,5 billion recorded last year.
The company also stated that its gross earnings rose to NGN265 billion for the quarter compared to NGN245 billion recorded last year. The bank’s interest income for the period grew from NGN182 billion compared to NGN175 billion recorded last year.
As opposed to Access Bank that is growing its Fees and commission income, UBA PLC’s revenue from fees and commissions only grew to NGN56 billion versus NGN47,3 billion.
The bank has also incurred more costs in getting the marginal growth in its fees and commission income. This is because Fees and commission expense rose by 66.7% to NGN11,3 billion. Last year, UBA PLC only expended NGN6,8 billion on the same item.
The bank’s trading income only increased to NGN24,3 billion versus NGN19,8 billion. This is an indication that the bank now has less public funds to use in trading of securities as opposed to pre-TSA era when banks were keeping government funds from different government agencies.
A major concern in the report is that net impairment on financial assets rose by 150% to NGN9,0 billion versus NGN3,6 billion the company reported last year.
Total asset base at the end of the period has increased from NGN3,4 trillion versus NGN2,7 trillion reported within the same period last year. However, total liabilities has risen by 25% to NGN3,0 trillion versus NGN2,4 trillion reported last year.