UBA’s Q3 gross earnings soar by 115.2%, PTB grows by 263%
By Kingsley Odii
United Bank for Africa (UBA) has continued its streak of outstanding performance, as the bank announced its unaudited financial impressive of 115% in gross earnings and 263% growth in PTB for the third quarter of 2023.
The bank recorded remarkable growth across all key performance metrics, reflecting its commitment to delivering value to shareholders and stakeholders. With gross earnings reaching a staggering N1.309 trillion, representing a 115.2% increase from the previous year, UBA has once again demonstrated its resilience and ability to capitalize on opportunities. Operating income also rose significantly to N1.018 trillion, a remarkable 146% increase compared to the same period last year.
The bank’s Profit Before Tax (PBT) witnessed a staggering 262% rise, closing at N502.01 billion, while profit after tax soared by 287.2% to N449.29 billion. These impressive figures far surpass the bank’s annualized return on average equity for Q3 2023 at 131% to 44.37%.
UBA’s balance sheet remains robust, with total assets surging to N16.24 trillion, a 49.5% increase over the previous year. Customer deposits also experienced substantial growth, rising to N11.63 trillion, representing a 48.6% increase. Shareholders’ funds remained strong at N1.778 trillion, reflecting UBA’s capacity for internal capital generation and growth.
UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, attributed the bank’s impressive performance to FX harmonization, efficient balance sheet management, and customer-centric strategies. He highlighted the bank’s operations outside Nigeria, capturing broader business opportunities across Sub-Saharan Africa and beyond.
Mr. Alawuna said, “Looking ahead, UBA aims to consolidate market share by leveraging customer-centric strategies, speed to market, and innovation. The bank plans to expand and deepen its digital and transactional banking offerings, while strategically partnering to capitalize on emerging opportunities.”
Ugo Nwaghodoh, UBA’s Executive Director of Finance & Risk, emphasized the strong momentum of the bank, as it continuously improves across its businesses and key performance metrics.
Nwaghodoh expressed UBA’s commitment to driving sustainable and improved performance across its various business segments, despite changes in the monetary and fiscal regime. As a leading Pan-African financial institution, UBA serves over 25 million customers across 20 African countries.
“Notwithstanding changes in the monetary and fiscal regime in some of our markets, we remain committed to driving sustainable and improved performance across our various business segments,” Nwaghodo said.
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