Rising interest income lifts UBA's nine-month profit to a record N116 billion

United Bank for Africa's (UBA) profit for the nine-month period from January to September hit its record high this year, catapulted by reasonable growth in interest income, its financial statements showed on Monday.

The lender reported interest income of 420.2 billion naira, equating to a 22.3% improvement from a year ago.

The increase in revenue also came from revenue net of fees and commissions, which rose from N67.9 billion to N82.9 billion, with e-banking revenue providing more than a third of this sum.

UBA, backed by Tony Elumelu, now has Oliver Alawuba as its chief following the departure of Kennedy Uzoka who left the post in August. The lender, one of the five largest in Nigeria, is present in twenty markets on the continent and has more than 27 million customers.

Oliver Alawuba, CEO UBA

He made a allocation of 13.6 billion naira, more than double the sum for the same period last year, to cover loans whose chances of being repaid have been ruined by default.

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Last week, New York-based global credit rating agency Moody's Investors Service ranked UBA among nine Nigerian banks with long-term deposit ratings and long-term issuer and bond ratings. senior unsecured debts are downgraded, as the current forex crisis in Nigeria undermines the ability of banks to meet their foreign currency obligations.

UBA is committed...