UBA Group records N271bn gross revenue in Q1

The United Bank for Africa (UBA) Plc. has recorded 47.5 per cent growth in gross earnings from N183.9 billion in March 2022 to N271.2bn in the first quarter of 2023.

According to its Q1 unaudited results released to the Nigerian Exchange Limited (NGX), UBA recorded remarkable growth across all its major income lines. Its Interest Income rose from N125.9bn as at March 2022 and grew by 53.4% to N191.9bn by March 2023.

UBA’s Operating Income rose by 39.6% to N175.7bn from N125.9bn year on year.

The group then recorded a rise in its Profit Before Tax (PBT) by 38.2% to N61.4bn in Q1 2023 from N44.5bn in Q1 2022. Its Profit After Tax (PAT) rose from N41.5bn to N53.6bn, a 29.1% growth rate.

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Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Mr Oliver Alawuba, said despite the high inflationary and challenging global environment, UBA was able to leverage the uptick in interest rates and improved digital offerings among others.

He said, “We have continued to record improved gains in our customer acquisition and retention strategies across our countries of presence, evident in the 10.5% growth in customer deposits to N8.6 trillion from N7.8trn at the end of 2022 financial year.

“For 2023, we remain committed to improving the group’s performance as we strategically position our entities to take advantage of emerging developments within their jurisdictions and across the globe. We will continue to deliver excellent rewards to our stakeholders,” Alawuba said.

UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the performance demonstrates the group’s resilience towards enhancing the confidence of its customers, stakeholders and the wider public notwithstanding the competitive landscape and current global trend in the industry.