By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-United Bank for Africa (UBA) Plc on Tuesday reported its gross earnings climbed 8.16 percent (8.16%) in its first quarter report for the period ended March 31, 2014.

UBA Plc also said profit before tax (PBT) fell by 21% as it recorded N13.544 billion in Q1 2014 compared to N17.156 billion in the corresponding period of 2013.

Similarly, profit after tax (PAT) also declined from N15.563 billion in the Q1 of 2013 to N12.587 billion in the review period of 2014; indicating a decline of 19%.

However, the bank said interest income increased by 12.50% to N49.92 billion while non-interest income declined by 7% to N16.24 billion.

UBA Plc reported its interest expense jumped 20% to N20.64 billion while operating expenses rose by 15.12% to N31.43billion.