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Nigerian bank UBA posts first-quarter profit down 21 percent

Reuters
A general view of Marina street shows the United Bank of Africa's building in Nigeria's commercial capital Lagos, file photo. REUTERS/Akintunde Akinleye (Reuters)

LAGOS (Reuters) - Nigeria's United Bank for Africa (UBA) said on Thursday that its pretax profit fell to 13.54 billion naira ($83.5 million) in the first quarter, down 21.1 percent from 17.16 billion naira a year earlier. However, gross earnings grew to 68.1 billion naira during the three months to March 31, against 62.9 billion naira in the same period last year, it said in a filing with the Nigerian Stock Exchange. ($1 = 162.2500 Nigerian Nairas)