United Bank for Africa Plc has again announced a splendid performance in its unaudited financial results for the third quarter ended September 30, 2023, recording impressive growth across all key performance metrics.
According to The Times, the bank’s gross earnings increased by 115.2 percent to N1.309 trillion from N608 billion in the previous year, mirroring the impressive performance seen in the first two quarters of the current fiscal year.
Meanwhile, operating income increased by 146% from N414 billion in September 2022 to N1.018 trillion in the year under consideration.
The Profit before Tax increased by a staggering 262% to close at N502.01 billion from N138.49 billion at the end of the third quarter of 2022, according to the bank’s financial report filed with the Nigerian Exchange Limited.
Profit after tax also impressively increased by 287.2% from N116 billion recorded a year earlier to N449.29 billion, significantly surpassing its annualized return on average equity for Q3 2023 at 131 per cent to 44.37%.
The bank has benefited greatly from its technology-led initiatives aimed at improving customer experience over the past few years, with Customer Deposits rising to N11.63trillion.
This represented a 48.6% rise, up from N7.8 trillion at the end of the previous financial year. UBA continues to maintain a very strong balance sheet, with Total Assets rising to N16.24 trillion, representing a 49.5% increase over the N10.86 trillion recorded at the end of December 2022.
The funds held by UBA shareholders remained extremely robust, rising from N922.1 billion in December 2022 to N1.778 trillion, once again demonstrating a strong ability for internal capital production and growth.
The bank will continue to use its customer-centric strategies, speed to market, and innovation to consolidate market share in its various jurisdictions, according to the GMD, who was speaking about plans and strategies to sustain and surpass the performance at the end of the year.
He also reaffirmed the bank’s commitment to deepening and expanding its offerings in digital and other transactional banking, as well as to forming strategic alliances to take advantage of emerging opportunities when they present themselves.
“As we continue to concentrate on consolidating the gains made thus far in order to deliver enhanced returns to our shareholders, we are optimistic that the growth trajectory will be sustained in the final quarter of the year,” Alawuba stated.
“Our performance in the third quarter demonstrates the strong momentum of the Bank, as we deliver continuous improvements across our businesses and key performance metrics,” said the Executive Director, Finance and Risk, Ugo Nwaghodoh. This reflects the combined effect of balance sheet optimization, lower finance costs, and increased asset yields.
“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,” Nwaghodoh added, outlining UBA’s plan for an outstanding performance by the conclusion of the 2023 fiscal year.
Leading Pan-African financial institution, United Bank for Africa Plc, serves over 25 million clients with banking services through 1,000 business locations and customer touch points spread throughout 20 African nations.
UBA, which has offices in New York, London, Paris, and Dubai, facilitates trade finance, supplementary banking services, cross-border payments and remittances, retail, commercial, and corporate banking, and connects individuals and companies throughout Africa.
