UBA finished 2020 with an impressive result, as both topline and bottom-line advanced northwards by double digits. Gross earnings improved by 10.82% YoY to NGN620.38bn (higher than our expectation of a 7.50% YoY growth), supported by strong uptrend in non-interest income (+24.22% YoY) and a modest growth (+5.69% YoY) in interest income. We attribute the muted uptick in interest income, despite the significant rise in interest earning assets (+40.63% YoY), to the depressed yield environment (asset yield dropped to 7.84% from 9.26% in 2019FY).
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