Consolidating on its recently released second-quarter performance United Bank for Africa (UBA) Plc, has recorded impressive growth across all key performance metrics in its unaudited financial results for the third quarter ended September 30, 2023.
The bank’s gross earnings grew by 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% rise in Profit before Tax (PBT) to close at N502.01 bn compared to N138.49 bn recorded at the end of the third quarter of 2022, while profit after tax also rose by 287.2% from N116 bn recorded a year earlier to N449.29bn, surpassing its annualised return on average equity for Q3 2023 at 131 per cent to 44.37%.
Commenting on the result, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba said: “This significant improvement is attributed to the impact of FX harmonization, efficient balance sheet management, and our service-focused strategies.
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“Our banking operations outside of Nigeria have continued to capture the broader business opportunities inherent across, and beyond Sub-Saharan Africa.”
The GMD explained that the bank will continue to leverage its customer-centric strategies, speed to market, and innovation to consolidate market share in its various jurisdictions, as he pledged the bank’s commitment towards expanding and deepening digital and other transactional banking offerings while building strategic alliances to take advantage of emerging opportunities in due time.
Sunday Michael Ogwu
