UBA Group Records 115% Growth in Gross Earnings in Q3 Report of 2023

Africa’s Global Bank, United Bank of Africa (UBA), recently released its unaudited financial results for Q3 2023 that ended September 2023. Since its recent release, the bank has once again gained impressive growth in its performance metrics, adding to the success of the second quarter of 2023.

The bank has been on a positive trend all through this year. The first two quarters of the current fiscal year showed that the bank’s gross earnings settled at N1.309 trillion, which signifies a 115.2%  increase from the records of last year, which settled at N608 billion. Also, operating income increased by 146%, 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 showed a 262% rise in Profit before Tax (PBT) to settle at N502.01 billion when compared to the N138.49 billion that was recorded at the end of Q3 2022, while profit after tax increased by 287.2% from N116 billion recorded a year earlier to N449.29 billion, rising above its annualised return on average equity for Q3 2023 at 131% to 44.37%.

The bank has continued to maintain a robust balance sheet, with total assets rising to N16.24 trillion, which represents a 49.5% rise from the N10.86 trillion recorded at the end of December 2022. The bank also benefited massively from its technology-led initiatives targeted at improving customer experience in the past few years, with customer deposits rising to N11.63 trillion, representing a 48.6% rise, up from N7.8 trillion at the end of the last financial year.

UBA shareholders' funds remain very strong as it reaches N1.778 trillion up from the N922.1 billion that was recorded in December 2022.

Talking about the result recorded at UBA Group Managing Director/CEO, Mr Oliver Alawuba, said that the Group has shown sustainable and remarkable improvement in top performance metrics over the past months which showed its commitment to delivering value to shareholders and stakeholders.

He stated, 

• This significant improvement is attributed to the impact of harmonization, efficient balance sheet management, and our service-focused strategies. Our banking operations outside of Nigeria have continued to capture the broader business opportunities inherent across, and beyond Sub-Saharan Africa.

• Looking ahead, we are optimistic that the growth trajectory will be sustained in the final quarter of the year as we remain focused on consolidating the gains achieved so far and delivering enhanced returns to our shareholders.

Also, the Group Executive Director, Finance & Risk, Ugo Nwaghodoh, commented on the positive growth of the bank.

• 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. This reflects the combined impact of higher asset yields, modest funding costs, and balance sheet optimisation.

• 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.

About UBA

United Bank of Africa Plc is one of the Pan-African financial institutions that offers banking services to more than 25 million customers across its 1,000 business offices and customer touch points in 20 African countries.

The bank currently has branches in New York, Dubai, and Paris. UBA is connecting people and businesses across Africa through commercial, retail and corporate banking, trade finance and ancillary banking services, and innovative cross-border payments and remittances.