UBA's annual profit surges 257% to N608 billion
Nigeria, April 11 -- United Bank for Africa (UBA) posted a record N607.7 billion in annual net profit after significant increase in interest income and foreign exchange gains impacted bottom-line by as much as 256.9 per cent last year.
Gross revenue for the pan-African financial services group which, apart from its home market Nigeria, has footprints in 23 countries advanced to N2.1 trillion from N853.2 billion.
Interest income from lending and investment securities nearly doubled to N1.1 trillion, helped by the longest cycle of monetary policy rate tightening in Nigeria last year, according to the lender's audited financials issued on Monday.
The CBN policy gave lenders the liberty to charge more for loans and allowed higher yields on...
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