Goddy Egene
United Bank for Africa Plc has grown its profit after tax (PAT) for the first quarter (Q1) ended March 31 by 21 per cent, to N28.665 billion, up from N23.736 billion in the corresponding period of 2018.
Details of the results showed that UBA ended the period with net interest income of N58.075 billion, compared with N53.55 billion, while net fee and commission income rose to N16.759 billion, from N14.996 billion in 2018. Profit before tax was N30.157 billion in 2019, as against N26.555 billion in 2018. PAT grew faster by 21 per cent to hit N28.665 billion, compared with N23.736 billion.
The Q1 results came on the heels of the annual general meeting(AGM) of the bank held in Lagos on Tuesday, where shareholders of the pan African bank hailed the N29.9 billion dividend recommended for the 2018 financial year.
With the growth recorded in Q1 bottom-line, there are expectations that a higher dividend would be paid at the end the…
