The United Bank for Africa (UBA) Plc has recorded N183.9 billion in its unaudited results for the first quarter ended March 31, 2022.

The bank, which achieved impressive growth across other income lines, grew its profit before tax (PBT) to N44.5 billion.

The  PBT was higher than N40.6 billion recorded during the same period in 2021. Its profit after tax stood at N41.5 billion during the period.

The bank’s results, released to the Nigerian Stock Exchange, showed that gross earnings also rose by 18.3 per cent from N155.4 billion.

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Its operating income grew by 18 per cent to N125.9 billion, higher than N106.6 billion as at March, last year.

The bank’s total assets rose by 4.1 to N8.9 trillion, compared to N8.5 trillion recorded at the same period of last year, while shareholders’ funds stood at N825.7 billion, an improvement from N804.8 billion in the same period of 2021.

UBA sustained its strong profitability recording an annualised 20.4 per cent Return on Average Equity (RoAE).

UBA’s Group Managing Director/Chief Executive Officer, Kennedy Uzoka, said the bank’s business model continued to show resilience despite economic challenges on the global front that shaped the first quarter of this year.