United Bank for Africa (UBA) recorded an increase of 43 per cent in earnings for 2022 on the back of growth across key income streams, its audited earnings report showed on Friday.
The net interest income of the pan-African lender stood at N379.5 billion after expanding by approximately 20 per cent, driven in part by returns from investment in bonds, which more than doubled during the year.
Eroding earnings, the cash the bank laid aside to cover loans that are not likely to be repaid by borrowers jumped by nearly twofold to N19.7 billion, while its net impairment charge on other financial assets soared by 640.3 per cent to N22.3 billion.
