UBA Fined N235 million, Generates N45.70 billion Net Profit In Q3

The United Bank for Africa (UBA) was fined N235 million, its Condensed Interim Consolidated Financial Statements for the period ended September 30, 2022, has disclosed.

In the financial statements released on Monday, UBA disclosed that it recorded N235 million penalty, although in the third quarter, the firm didn’t record any.

During the same period last year, which falls between January to September 2021, UBA reported that it recorded N273 million penalty. The reason for that of the period ended September 2022 wasn’t revealed.

Also, UBA generated N45.70 billion profit after tax in the third quarter of 2022, surpassing the N44.01 billion grossed in the corresponding period last year.

Stretching the period from January to September this year, the amount earned from net profit was N116.04 billion, in contrast to the N104.59 billion posted for same period in 2021.

For Net Interest Income, the financial institution reported that it recorded N105.05 billion in the third quarter of 2022, which is above the N81.19 billion posted for the corresponding period of Q3 2021.

Meanwhile, UBA Group Managing Director/Chief Executive Officer, Oliver Alawuba, has stated that the diversified business of the firm acts as hedge against financial risks.

“There are several challenges for Nigerian and African banks such as issues of payments, currency depreciation amongst others, but over the years, at UBA, we have developed the capacity to effectively manage these risks whilst we continue to pursue our growth strategy.” Alawuba said.