United Bank for Africa Plc (UBA) has reported a remarkable 110% Year-on-Year (YoY) increase in gross earnings to N570.2 billion for the first quarter of 2024 (Q1’24), compared to N271.1 billion in the same period in 2023 (Q1’23).
The financial statement highlights include a 155% YoY rise in Profit Before Tax (PBT) to N156.34 billion, up from N61.7 billion in Q1 2023, and a 165% increase in Profit After Tax (PAT) to N142.5 billion, from N53.5 billion previously. Interest Income surged by 130% to N440.7 billion, and operating income grew by 115% to N378.59 billion.
UBA’s Group Managing Director, Oliver Alawuba, attributed the strong Q1 performance to the bank’s customer-centric approach, geographic diversification, and effective risk management. He highlighted the significant growth in fees and commissions, driven by enhanced efficiencies and digital adoption.
Source: Vanguard