UBA Records 115% Growth In Gross Earnings, Profit Hits N502.1bn in Q3 Results

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, announced an amazing performance in its unaudited financial results for the third quarter ended September 30, 2023, recording impressive growth across all key performance metrics.

The UBA, replicating the remarkable performance achieved in the first two quarters of the current fiscal year, recorded growth of gross earnings of 115.2 per cent to N1.309 trillion up from N608bn recorded last year, while operating income rose by 146 per cent from N414 billion in September 2022; to N1.018 trillion in the year under consideration.

The bank’s financial report, filed with the Nigerian Exchange Limited, indicated a whopping 262 per cent rise in Profit before Tax (PBT) to close at N502.01 billion compared to N138.49 billion recorded at the end of the third quarter of 2022, while profit after tax also rose impressively by 287.2 per cent from N116 billion recorded a year earlier to N449.29 billion massively surpassing its annualised return on average equity for Q3 2023 at 131 per cent to 44.37 per cent.

As in the preceding quarters, UBA continues to maintain a very strong balance sheet, with Total Assets rising to N16.24 trillion, representing a 49.5 per cent increase over the N10.86 trillion recorded at the end of December 2022, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N11.63trillion, representing a 48.6% rise, up from N7.8 trillion at the end of the last financial year.

UBA shareholders’ funds remained very strong at N1.778 trillion up from N922.1 billion recorded in December 2022 again reflecting a strong capacity for internal capital generation and growth.

UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, in his comment on the result, remarked that the Group has once again shown sustainable and remarkable improvement in key performance metrics over the period, reflecting its commitment to delivering value to shareholders and various stakeholders.