United Bank for Africa Plc (UBA) recorded strong growth across key performance indicators for the first quarter of the year ended March 31,its financial results show.
The Group’s results released to the Nigerian Exchange Limited (NGX) on Friday May 3, 2024, showed outstanding year-on-year increases, with gross earnings rising by 110 percent, from N271.1bn to N570.2 bn.
Also, the report showed The Group’s Interest Income grew by 130 percent to N440.7 bn, while Operating Income increased by 115 percent, from N175.7 bn in 2023, to N378.59 bn.
Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, the report showed that UBA recorded a significant rise in Profit Before Tax by 155 percent, from N61.7 bn in Q1 2023, to N156.34 bn in Q1 2024; while Profit After Tax jumped from N53.5 bn to N142.5 billion, representing an impressive rise of 165 percent year-on-year.
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.
“Our record Q1 profit before tax was delivered with triple digits gross earnings growth, supported by very strong interest and non-interest income.
“Fees and Commissions rose by 118 percent year-on-year on the back of improved efficiencies and continued digital adoption. This has helped the drive to improve efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8 percent.
“The Group’s balance sheet grew steadily with Total Assets increasing by 23 percent to N25.4 trn. Customer deposits closed at N18.4 trn, recording a 23 percent increase year-on-year, largely attributed to growth in current accounts and savings accounts.”
The bank attributed its superlative performance to its unwavering commitment to sound governance, robust risk management, and financial strength positions for continued growth, while contributing meaningfully to inclusive economic development across its operational network.
Also speaking on the performance, 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.
“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,“ Nwaghodoh said.
“We remain committed to reducing both interest expense and operating expenses and expect to make steady progress as we move through the year toward our stated profitability targets,” Nwaghodoh stated.
United Bank for Africa Plc a Pan-African financial institution, offering banking services to more than 25 million customers , across over 1,000 business offices and customer touch points, in 20 African countries and across four continents.
