United Bank for Africa (UBA) Plc recently released its financial report for the third quarter of 2024, revealing exceptional results. With a profit after tax of N525.31 billion, registering a 16.9% increase over the previous year, UBA continues to strengthen its position in the financial market.
Profit before tax also grew substantially by 20.2% to N603.48 billion for the third quarter. This is a testament to the bank’s financial strength, supported by significant growth in its gross profit and revenue.
With gross revenue up 83.2% to N2.398 trillion, UBA’s financial performance is a testament to effective asset management and sustained revenue growth. The dramatic increase in net interest income to N1.103 trillion reflects the bank’s efforts to boost revenues and optimize its portfolio.
UBA Group Managing Director, Mr. Oliver Alawuba, highlighted the importance of the bank’s technology initiatives to enhance customer experience. This strategy has enabled UBA to strengthen its deposits, which rose to N26.50 trillion, registering a 52.7% increase over the previous year. Furthermore, shareholders’ funds increased to N3.585 trillion, demonstrating the bank’s ability to generate internal capital and sustain growth.
Mr. Alawuba noted that despite persistent economic challenges, UBA has maintained solid growth, confirming its position as a key player in the financial sector. The group’s revenues have been steadily increasing, supported by significant growth in its various banking income lines.
UBA’s Executive Director, Finance and Risk, Mr. Ugo Nwaghodoh, expressed satisfaction with the progress made in operational efficiency, including the normalization of the cost-income ratio around 50%. He noted that the growth in shareholders’ funds illustrates the Group’s ability to deliver sustainable future growth.
For the remainder of 2024 and beyond, UBA plans to strengthen its performance by optimizing its financing costs and operational expenses. The Group also plans to strengthen its share capital to support its medium to long-term ambitions, while maintaining a high level of compliance and risk management.
In conclusion, UBA remains a key player in the African financial sector, with a focus on sustainable growth, effective risk management and enhanced customer experience through its technology investments. Its commitment to operational excellence and customer satisfaction remains at the heart of its growth and market expansion strategy.