WorldStage Newsonline– United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than 25 million customers, across 1,000 business offices and customer touch points in 20 African countries has released its unaudited results for the third quarter ended September 30, 2023 with 287.2% growth in profit after tax to N449.296 billion from N116.042 billion in 2022
Gross earnings also rose by 115.2% to N1.30 trillion from N608.289 billion in 2022.
Commenting on the result, UBA’s Group Managing Director/ Chief Executive Officer, Mr. Oliver Alawuba said: “I am pleased to present UBA Group’s results for the quarter ended 30 September 2023, which show a strong and sustainable improvement in key performance metrics over the period. The Group recorded robust double-digit growth in its top line, with gross earnings rising YoY by 115% to ₦1.3 trillion in September 2023.
“Despite the high inflationary and challenging global environment, the Group was able to leverage the rising interest rates environment in our markets and improved digital offerings, in growing funded and non-funded income. I am particularly excited by the 263% YoY growth in profit before tax, which has helped to drive increased returns to shareholders, with a 44.4% RoAE, compared to 19.7% achieved as at December 2022.
“We continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 48.6% growth in customer deposits to ₦11.6 trillion from ₦7.8 trillion at the end of 2022FY. This enabled the Group drive loan growth and interest income, with net loans and advances at ₦5.07 trillion, representing a year-to-date (YTD) increase of 47.2%.
“For 2023, we remain committed to improving the Group’s performance, as we strategically position to take advantage of emerging opportunities, in our 24 countries of operation and across the globe. We will continue to deliver excellent rewards to our stakeholders.”
Also speaking on the performance, Executive Director Finance and Risk, Ugo Nwaghodoh said: “The continued impressive performance of the UBA Group in the third quarter of 2023 is founded on our continuous improvement and growth in gross earnings and balance sheet size, as gross earnings grew by 115% year-on-year to ₦1.3 trillion and total assets up by 49% to ₦16.2 trillion from ₦10.9 trillion as at December 2022. The growth in gross earnings is driven by 56.8% growth in net interest income and 3.36x growth in non-interest revenue. The material increases in net interest income was on the back of 47.6% expansion in the bank’s interest earning assets.
“The performance demonstrates our Group’s resilience and commitment towards delivering value and enhancing the confidence of its customers, stakeholders and the wider public, notwithstanding the competitive landscape and current global trend in the industry.”
