UBA Plc released its 2014 Q1 results showing a 21% in pre-tax profits for the first quarter of the year as operating expenses rose amidst flat income growth.
- Net Interest Income rose 7.8% to N29.7billion compared to N27billion in 2013 Q1
- 14% drop in commission and fees helped slow down growth in operating income to N44.9billion (2013 Q1: N44.4billion.
- However, the brunch in drop in earnings was to come from high operating expenses which rose 15% to N31.4billion (2013 Q1: N27.3billion).
- This helped push pre-tax profits downwards to NN13.5billion a 21% drop from the N17.1billion posted same period last year.
- Return on Equity was 5.3%