In 2021FY, United Bank for Africa (UBA)’s gross earnings increased by 6.90% YoY to NGN658.29bn on the back of higher interest income (+10.84% YoY). The higher interest income was supported by the repricing of c. 70% of the total loan book balances during the year in line with the changes in the yield environment. Notably, the bulk of the improvement in gross earnings was supported by its pan-African operations outside Nigeria (tagged “Rest of Africa”) which improved by 21.11% and contributed 41.85% to total revenue in the year.
