United Bank for Africa (UBA) Plc, one of Africa’s leading financial institutions, has released its unaudited financial results for the third quarter ended September 30, 2023, showcasing remarkable growth across key performance indicators.
In a trend that mirrors its outstanding performance in the previous two quarters of the fiscal year, UBA reported a significant 115.2% growth in gross earnings, surging from N608 billion in the same period last year to an impressive N1.309 trillion. Operating income also saw a remarkable rise, increasing by 146% from N414 billion in September 2022 to N1.018 trillion in 2023.
The bank’s financial report, filed with the Nigerian Exchange Limited, revealed an extraordinary 262% surge in Profit Before Tax (PBT) which stood at N502.01 billion, compared to N138.49 billion recorded in the third quarter of 2022. Additionally, profit after tax experienced substantial growth, increasing by 287.2% from N116 billion in the previous year to N449.29 billion. This phenomenal performance exceeded its annualized return on average equity for Q3 2023 at an impressive 131%, reaching 44.37%.
The bank continues to maintain a robust balance sheet, with Total Assets surging to N16.24 trillion, reflecting a 49.5% increase from the N10.86 trillion recorded at the end of December 2022. The bank’s technology-led initiatives, aimed at enhancing customer experience, have been pivotal in its success. Customer Deposits rose to N11.63 trillion, representing a substantial 48.6% increase from N7.8 trillion at the close of the previous financial year.
GMD Of UBA, Oliver Alawuba
Furthermore, United Bank For Africa ’s shareholders’ funds have remained resilient, amounting to N1.778 trillion, up from N922.1 billion recorded at the end of December 2022, highlighting the bank’s robust capacity for internal capital generation and growth.
Mr. Oliver Alawuba, the Group Managing Director/CEO, attributed this significant improvement to FX harmonization, efficient balance sheet management, and service-focused strategies.
He expressed the bank’s commitment to providing value to shareholders and stakeholders.
Alawuba emphasized that the bank’s operations outside of Nigeria have successfully harnessed opportunities both within and beyond Sub-Saharan Africa.
Looking ahead, Alawuba outlined UBA’s strategy for the rest of the year, emphasizing the use of customer-centric strategies, speed to market, and innovation to expand market share. The bank also plans to deepen digital and transactional banking offerings while forming strategic alliances to seize emerging opportunities.
Ugo Nwaghodoh, UBA’s Executive Director, Finance & Risk, highlighted the bank’s strong momentum in the third quarter, noting the positive impact of higher asset yields, moderate funding costs, and balance sheet optimization.
He reiterated the bank’s commitment to delivering sustainable and improved performance across various business segments.
United Bank for Africa Plc, a Pan-African financial institution, serves over 25 million customers through 1,000 business offices and customer touchpoints in 20 African countries. With a global presence in New York, London, Paris, and Dubai, UBA is actively facilitating cross-border payments, trade finance, remittances, and a range of banking services, connecting people and businesses across the African continent.
By olaogun grace
40 comments
Dear immortals, I need some wow gold inspiration to create.
I am glad to be a visitor of this everlasting website! , appreciate it for this rare information! .
Thankyou for helping out, fantastic information.
Would love to forever get updated great site! .
Excellent post. I used to be checking constantly this weblog and I’m inspired! Extremely useful info specifically the closing section 🙂 I care for such information a lot. I was seeking this particular information for a very lengthy time. Thanks and best of luck.
Real clean internet site, thanks for this post.
Hello, Neat post. There’s an issue with your website in internet explorer, might test this?K IE nonetheless is the market leader and a huge part of people will omit your great writing because of this problem.
Thanks for the sensible critique. Me & my neighbor were just preparing to do a little research about this. We got a grab a book from our local library but I think I learned more clear from this post. I am very glad to see such wonderful info being shared freely out there.
I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…
It?¦s really a cool and useful piece of info. I am happy that you shared this useful information with us. Please stay us informed like this. Thank you for sharing.
Very interesting points you have remarked, regards for posting.
Puravive is a natural weight loss supplement and is said to be quite effective in supporting healthy weight loss.
What is Lottery Defeater Software? Lottery software is a specialized software designed to predict and facilitate individuals in winning lotteries.
I have recently started a blog, the info you provide on this website has helped me tremendously. Thank you for all of your time & work. “The achievements of an organization are the results of the combined effort of each individual.” by Vince Lombardi.
Fantastic post however , I was wondering if you could write a litte more on this subject? I’d be very grateful if you could elaborate a little bit further. Appreciate it!
Ikaria Lean Belly Juice is a dietary supplement that helps in losing weight.
I enjoy you because of each of your effort on this web site. Betty really loves making time for internet research and it is obvious why. Many of us learn all regarding the powerful way you make helpful techniques through this website and in addition boost participation from some other people about this topic then our girl is starting to learn a whole lot. Take advantage of the remaining portion of the new year. You have been carrying out a powerful job.
What is Sugar Defender? Is it safe for blood sugar? The inventor of Sugar Defender, a natural supplement that supports glucose levels, is Tom Green.
You have remarked very interesting details ! ps decent website .
Thank you for the sensible critique. Me and my neighbor were just preparing to do a little research on this. We got a grab a book from our local library but I think I learned more clear from this post. I am very glad to see such fantastic info being shared freely out there.
There are actually lots of particulars like that to take into consideration. That could be a nice level to convey up. I offer the ideas above as basic inspiration however clearly there are questions just like the one you deliver up where a very powerful factor will be working in sincere good faith. I don?t know if greatest practices have emerged round things like that, however I’m sure that your job is clearly identified as a fair game. Both boys and girls really feel the influence of only a moment’s pleasure, for the rest of their lives.
Hello very nice website!! Man .. Beautiful .. Wonderful .. I will bookmark your web site and take the feeds additionally…I am happy to search out a lot of useful information right here within the publish, we want work out more strategies in this regard, thanks for sharing.
I happen to be commenting to let you understand what a remarkable experience my princess had reading your blog. She noticed a wide variety of issues, with the inclusion of how it is like to have an ideal coaching mindset to make the others easily learn about a variety of extremely tough matters. You truly exceeded my expectations. I appreciate you for presenting those productive, trusted, educational not to mention unique guidance on that topic to Lizeth.
Howdy! I know this is kind of off topic but I was wondering which blog platform are you using for this site? I’m getting sick and tired of WordPress because I’ve had issues with hackers and I’m looking at options for another platform. I would be awesome if you could point me in the direction of a good platform.
ProvaDent: What Is It? ProvaDent is a natural tooth health supplement by Adam Naturals.
I think you have observed some very interesting points, appreciate it for the post.
Thank you for every other informative web site. Where else may just I get that kind of information written in such an ideal method? I’ve a project that I’m just now running on, and I have been at the look out for such information.
Hi, Neat post. There is a problem together with your website in web explorer, might check thisK IE nonetheless is the market leader and a good component to other people will miss your magnificent writing because of this problem.
I really like your writing style, wonderful info , regards for posting : D.
Hello this is kinda of off topic but I was wanting to know if blogs use WYSIWYG editors or if you have to manually code with HTML. I’m starting a blog soon but have no coding know-how so I wanted to get guidance from someone with experience. Any help would be enormously appreciated!
Wonderful goods from you, man. I’ve consider your stuff prior to and you’re just extremely excellent. I actually like what you have got here, certainly like what you are stating and the way in which in which you are saying it. You are making it enjoyable and you continue to take care of to stay it smart. I cant wait to read much more from you. That is actually a great web site.
I do enjoy the manner in which you have framed this specific problem and it really does supply me personally some fodder for thought. Nonetheless, coming from what precisely I have personally seen, I only wish when the responses stack on that individuals stay on issue and don’t get started upon a soap box of the news du jour. Still, thank you for this fantastic point and even though I can not really concur with the idea in totality, I value your standpoint.
Your style is so unique compared to many other people. Thank you for publishing when you have the opportunity,Guess I will just make this bookmarked.2
I genuinely prize your piece of work, Great post.
Great – I should certainly pronounce, impressed with your site. I had no trouble navigating through all tabs as well as related info ended up being truly simple to do to access. I recently found what I hoped for before you know it in the least. Quite unusual. Is likely to appreciate it for those who add forums or something, site theme . a tones way for your customer to communicate. Excellent task..
Today, I went to the beach with my children. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is entirely off topic but I had to tell someone!
Good day! I simply wish to give an enormous thumbs up for the great information you’ve got here on this post. I shall be coming back to your weblog for extra soon.
What is Gluco6? Gluco6 is a revolutionary dietary supplement designed to help individuals manage their blood sugar levels naturally.
Pretty component of content. I just stumbled upon your weblog and in accession capital to assert that I get in fact loved account your blog posts. Anyway I’ll be subscribing in your feeds and even I fulfillment you get right of entry to persistently fast.
What’s Happening i am new to this, I stumbled upon this I’ve found It absolutely useful and it has aided me out loads. I hope to contribute & aid other users like its helped me. Great job.