UBA Records N525bn Post-Tax Profit At Q3 2024

Touchaheart Nigeria reports that United Bank for Africa (UBA) Plc has announced a remarkable Profit After Tax of N525.31 billion for the third quarter ending September 30, 2024.

 

This figures were revealed in the bank’s unaudited financial report submitted to the Nigerian Exchange Limited (NGX) on Monday. This figure reflects a 16.9% increase from the N449.26 billion reported during the same period in 2023.

 

The bank also reported a Profit Before Tax of N603.48 billion, marking a 20.2% rise from N502.09 billion in Q3 2023. UBA’s gross earnings surged by 83.2% to N2.398 trillion, up from N1.308 trillion in the prior year’s quarter.

 

Key Financial Highlights:

Net Interest Income:

UBA’s net interest income for Q3 2024 stood at N1.103 trillion, representing a staggering 149% increase from N443 billion at the end of Q3 2023.

 

Total Assets:

The bank’s total assets rose to N31.801 trillion, a 54% increase compared to N20.653 trillion at the close of December 2023.

 

Deposits:

Total deposits climbed to N26.50 trillion, a 52.7% increase from N17.355 trillion at the end of the previous financial year.

 

Shareholders’ Funds:

UBA’s shareholders’ funds grew significantly to N3.585 trillion, up from N2.030 trillion recorded in December 2023, showcasing strong internal capital generation.

Mr. Oliver Alawuba, UBA Group Managing Director, emphasized the bank’s robust balance sheet and attributed the impressive performance to the bank’s technology-driven initiatives aimed at enhancing customer experience.

 

“Our intermediation business continues to show strong growth, with net interest income expanding by 149% Year-On-Year to N1.10 trillion,” Alawuba stated.

 

He added that the bank’s Net Interest Margin (NIM) closed at 8.03%, representing a 17.60% increase from 2023, despite ongoing macroeconomic challenges such as inflation and exchange rate volatility.

 

Operational Efficiency and Future Strategies

Mr. Ugo Nwaghodoh, Executive Director for Finance and Risk, expressed optimism about the bank’s operational efficiency, noting a cost-to-income ratio stabilizing around 50%. He highlighted that the growth in shareholders’ funds underscores UBA’s significant capacity for future expansion.

Looking ahead, Nwaghodoh outlined UBA’s plans to consolidate its strong performance throughout the 2024 financial year and beyond.

“We remain on track with strategies to optimize our cost of funds and operating expenses,” he stated.

“UBA is committed to sustainable growth in its core banking revenue streams while ensuring compliance and risk management excellence.”

 

As a leading Pan-African financial institution, UBA provides banking services to over 45 million customers across 1,000 business offices and customer touchpoints in 20 African countries.

 

For more updates on UBA’s financial performance and future initiatives, stay tuned.

 

Source: NAN/Vanguard