The net profit for United Bank for Africa (UBA) for the six months to June dropped 16 per cent to N316.4 billion, the audited report of the pan-African lender showed on Monday after release.
Post-tax profit for Nigeria’s second-biggest lender took a battering after it incurred 235.3 per cent more in income tax expense compared to a year earlier.
It also recorded a N311.7 billion net fair value loss on derivatives, a shift from a gain of as much as N348.4 billion a year earlier,…
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