The United Bank for Africa (UBA) reported 43.4 per cent growth in its profit after tax for the financial period of 2022, with its electronic banking income rising by 22.2 per cent.
UBA posted N170.27 billion net profit last year, which is N51.59 billion more than the N118.67 billion generated by the lender the year before.
This was disclosed in the financial institution’s Consolidated and Separate Financial Statements for the Year Ended December 31, 2022, which was released on Thursday.
In the earnings report, UBA stated that Net Interest Income grew by 19.8 per cent of N62.77 billion to close last year with N379.48 billion, when compared to the N316.71 billion reported in 2021.
Also, the company reported that its income on Electronic Banking channels like Auto Teller Machine (ATM), Point of Sales (POS), mobile banking, as well as credit and debit card transactions, increased to N78.94 billion.
This is 22.2 per cent or N14.35 billion increase from the N64.59 billion UBA generated from the same electronic services during the preceding year.
Similarly, Account maintenance fee, which is another revenue source for UBA, rose 31.2 per cent year-on-year from N11.44 billion grossed in 2021 to N15.01 billion generated last year.