United Bank of Africa has released its unaudited financial statements for Q1 2024, posting a pre-tax profit of N156.3 billion, marking a 155% year-on-year increase from the N61.4 billion posted in Q1 2023.
The group’s results, which were released to the Nigerian Exchange Limited (NGX), saw a year-on-year increase as gross earnings rose by 110 per cent, from N271.1billion to N570.2 billion; interest income grew by 130 per cent to N440.7 billion while operating income increased by 115 per cent from N175.7 billion in 2023 to N378.59 billion.
Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the group delivered strong first quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification and effective risk management and governance.
He said, “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income. Fees and commissions rose by 118 per cent year-on-year on the back of improved efficiencies and continued digital adoption. This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8 per cent.”
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Also speaking, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the Group’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.
He said, “Our first quarter results highlight our relentless customer focus and the strength of UBA’s geographic and product diversification, with good performance across all our regions. We continue to differentiate ourselves across all key financial metrics, with a keen focus on high-quality risk adjusted revenues and cost discipline, while maintaining very sound asset quality.“
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