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-Africa lender showed on Monday after release.
Post-tax profit for Nigeria’s second-biggest lender took a battering after it incurred a N311.7 billion net fair value loss on derivatives in a shift from a gain of as much as N348.4 billion a year earlier, setting it up for a 76.5 per cent slump in net trading and foreign exchange gain.
The…
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