United Bank for Africa (UBA) Plc has announced impressive financial results for the third quarter ended September 30, 2024, showcasing strong growth across key indicators.
Key Highlights:
- Gross Earnings: Up 83.2% to N2.398 trillion from N1.308 trillion in September last year
- Net Interest Income: Rose 149% to N1.103 trillion from N443.0 billion in the third quarter of 2023
- Profit Before Tax (PBT): Increased 20.2% to N603.48 billion from N502.09 billion in the third quarter of 2023
- Profit After Tax: Grew 16.9% to N525.31 billion from N449.26 billion
Strong Balance Sheet Performance:
UBA’s total assets rose 54% to N31.801 trillion, while total deposits increased 52.7% to N26.50 trillion, driven by technology-led initiatives enhancing customer experience ¹ ². Shareholders’ funds also saw significant growth, up 77% to N3.585 trillion.
Executive Insights:
According to Oliver Alawuba, UBA’s Group Managing Director/CEO, “The UBA Group achieved a profit before tax of N603.5 billion, with our intermediation business showing strong growth despite macroeconomic challenges” ¹. Ugo Nwaghodoh, Executive Director, Finance & Risk, noted that the bank has reached a milestone in driving operational efficiency, with a cost-to-income ratio normalizing around 50% .
