United Bank for Africa Plc has posted a profit after tax of N316.4 billion for the first half of 2024, representing a 16 per cent year-on-year decline from the N378.2 billion posted in the corresponding period in 2023.
This marks a departure from the profit surge recorded by other banks in the first half of 2024. The bank recorded a pre-tax profit of N401.6 billion, a marginal 1% decline from the N403.6 billion posted in H1 2023.
During the period under review, UBA enjoyed a bumper surge in interest income, as it recorded an interest income of N1 trillion, which marks a whopping 134% year-on-year growth from N428.3 billion posted in H1 2023. However, there was a 77% year-on-year decline in the group’s net trading and FX gains to N98.2 billion, from N418.3 billion as of H1 2023.
More details to follow…
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