UBA’s net profit rises by 43.4%, generates N78.94bn from ATM, POS, others
The United Bank for Africa (UBA) reported 43.4 per cent growth in its profit after tax for the financial period of 2022, with its electronic banking income rising by 22.2 per cent.
UBA posted N170.27 billion net profit last year, which is N51.59 billion more than the N118.67 billion generated by the lender the year before.
This was disclosed in the financial institution’s Consolidated and Separate Financial Statements for the Year Ended December 31, 2022, which was released on Thursday.
In the earnings report, UBA stated that Net Interest Income grew by 19.8 per cent of N62.77 billion to close last year with N379.48 billion, when compared to the N316.71 billion reported in 2021.
READ ALSO:UBA gets first female CEO for Africa
Also, the company reported that its income on Electronic Banking channels like Auto Teller Machine (ATM), Point of Sales (POS), mobile banking, as well as credit and debit card transactions, increased to N78.94 billion.
This is 22.2 per cent or N14.35 billion increase from the N64.59 billion UBA generated from the same electronic services during the preceding year.
Similarly, Account maintenance fee, which is another revenue source for UBA, rose 31.2 per cent year-on-year from N11.44 billion grossed in 2021 to N15.01 billion generated last year.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
A tale of Kwara public school where pupils learn under the tree without chalkboards
“You cannot make people learn. You can only provide the right conditions for learning to happen.” – Vince Gowmon But...
SPECIAL REPORT: Indiscriminate waste dumps, open defecation pose threat of epidemic in Kwara as govt slow to act
Forty three-year-old Bilikis Abdulrahman covered her pineapple fruit she is selling inside a white bucket container. This, she does to...
SPECIAL REPORT: Women displaced by conflict in North-Central Nigeria become farm helps to survive
Displaced women finding refuge in Abagena camp for Internally Displaced Persons (IDP) camp in Makurdi, Benue State have resorted to...
FEATURE: Kwara residents cry out for help as rainstorm devastates their homes
Phillip Moffitt, an American author, said: “the house is a home when it shelters the body and comforts the soul”,...
SPECIAL REPORT: Small businesses suffer, as govts fail to end sit-at-home in Nigeria’s South-East
It is a Thursday afternoon in December 2022 and the sun is scorching inside the popular Ogbete Market in Enugu...