United Bank for Africa (UBA) Plc announced a 20.2% rise in profit before tax (PBT) for the third quarter of 2024, reaching N603.48 billion, up from N502.09 billion in the same period of 2023. The bank’s unaudited financial results, filed with the Nigerian Exchange Limited, revealed a strong performance across key indicators, with profit after tax increasing by 16.9% to N525.31 billion. Gross earnings surged by 83.2% to N2.398 trillion, while net interest income soared by 149% to N1.103 trillion, highlighting the bank’s sustained growth momentum.
UBA’s impressive financial growth is attributed to its continued investment in technology-led initiatives and a strong balance sheet. Total assets rose by 54% to N31.801 trillion, with deposits increasing by 52.7% to N26.50 trillion. Shareholders’ funds also saw a substantial increase of 77%, reaching N3.585 trillion by the end of September 2024. Group Managing Director/CEO Oliver Alawuba attributed the growth to UBA’s diversified revenue streams and strategic focus on customer experience, despite challenging macroeconomic conditions.
Looking ahead, UBA plans to build on its robust performance with strategies to optimize costs and enhance operational efficiency. Executive Director, Finance & Risk, Ugo Nwaghodoh, emphasized the bank’s commitment to strengthening its capital base to support future growth and regulatory compliance. UBA continues to serve over 45 million customers across Africa and internationally, offering a broad range of banking services and facilitating cross-border trade and payments.
