United Bank for Africa (UBA) Plc announced its unaudited results for the third quarter (Q3) ending September 30, 2024, showcasing robust growth across all major metrics. This strong performance builds on the Group’s impressive audited half-year results from June 30, 2024.
As in previous quarters, UBA maintains a solid balance sheet, with total assets climbing to N31.801 trillion in September 2024, reflecting a remarkable 54% increase from N20.653 trillion at the end of December 2023. The bank’s technology-driven initiatives to enhance customer experience have significantly contributed to this growth, with total deposits rising to N26.50 trillion—a 52.7% increase from N17.355 trillion at the end of the last financial year.
Shareholders’ equity also remains robust at N3.585 trillion, up from N2.030 trillion in December 2023, highlighting the bank’s strong capacity for internal capital generation and growth.
UBA’s gross earnings surged by 83.2%, reaching N2.398 trillion compared to N1.308 trillion in September 2023. Net interest income rose dramatically by 149% to N1.103 trillion, up from N443 billion a year earlier.
The financial report, submitted to the Nigerian Exchange Limited (NGX), showed a 20.2% increase in Profit Before Tax (PBT), which stood at N603.48 billion, compared to N502.09 billion at the end of Q3 2023. Profit After Tax also grew by 16.9%, rising from N449.26 billion last year to N525.31 billion in the current period.
Commenting on the results, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, expressed satisfaction with the bank’s sustainable growth across various revenue streams. He highlighted the PBT of N603.5 billion and noted the impressive 149% year-on-year growth in net interest income, alongside a Net Interest Margin (NIM) of 8.03%, despite ongoing macroeconomic challenges.
“Our investments in technology are yielding significant business value, enhancing customer experiences and operational efficiency,” Alawuba stated.
Executive Director of Finance & Risk, Ugo Nwaghodoh, praised the bank’s operational efficiency, evidenced by a cost-to-income ratio stabilizing around 50%. He noted the 77% growth in shareholders’ funds from N2 trillion at the end of 2023 to N3.59 trillion, underscoring the Group’s capacity for future growth.
Looking ahead, Nwaghodoh emphasized UBA’s commitment to optimizing its cost of funds and operating expenses, alongside plans to bolster share capital in line with regulatory requirements, ensuring sustainable growth in core banking revenue while maintaining a strong compliance and risk management culture.
