UBA Releases Earnings For H1 2020

United Bank for Africa (UBA) has released its Interim Consolidated and Separate Statements of Comprehensive Income for the period ended 30 June 2020. UBA reported that its Net Income grew in the first half of this year when compared to the corresponding period of 2019.

It was reported that the group recorded NGN119.3 billion in the period ended 30 June 2020 as its Net Interest Income, surpassing the NGN110.1 billion it reported in the corresponding period of last year. Meanwhile, the company reported it generated NGN72.9 billion as Net Interest Income in the first half of 2019, falling below the NGN73.3 billion of 2019 H1.

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Meanwhile, Profit before income tax of the Group fell in the first half of 2020 when compared to the corresponding period of 2019 when the Group reported NGN70.2 billion. In H1 2020, UBA reported NGN57.1 billion. The company also recorded a decline in its Profit before income tax as it reported NGN20.6 billion for the period under review, failing to surpass the NGN43.6 billion it recorded last year's first half.

AllNews gathered that the Group's profit for the period fell to NGN44.4 billion in the first half of 2020, falling short of the NGN56.7 billion it reported during the corresponding period last year. UBA reported that the company reported NGN19.5 billion in the period under review, also failing to surpass the NGN36.4 billion recorded in 2019 first half.