…The bank also reported improved gains in customer acquisition and retention across the countries in which it operates
…Net loans and advances at N5.07 trillion, representing a year-to-date (YTD) increase of 47.2%
TUE, OCT 31 2023-theGBJournal| UBA Group, Africa’s most resilient banking group, reported stellar earnings performance in the third quarter of 2023 with strong and sustainable improvement in key performance metrics over the period.
The Group recorded robust double-digit growth in its top line, with gross earnings rising YoY by 115% to N1.3 trillion in September 2023 up from N608 billion in on 2022. Operating income also rose by 146% from N414 billion in September 2022 to N1.018 trillion in 2023.
Similarly, profit before tax grew 263% YoY, driving an increased returns to shareholders, with a 44.4% RoAE, compared to 19.7% achieved as at December 2022. Profit after tax also rose by 287.2% from N116 billion in Q3-2022 to N449.29 billion.
The bank also reported improved gains in customer acquisition and retention across the countries in which it operates, reflected in the 48.6% growth in customer deposits to N11.6 trillion from N7.8 trillion at the end of 2022FY.
This enabled the Group drive loan growth and interest income, with net loans and advances at N5.07 trillion, representing a year-to-date (YTD) increase of 47.2%.
”For 2023, we remain committed to improving the Group’s performance, as we strategically position to take advantage of emerging opportunities, in our 24 countries of operation and across the globe. We will continue to deliver excellent rewards to our stakeholders,” UBA’s Group Managing Director/ Chief Executive Officer, Mr. Oliver Alawuba said while commenting on the result.
The GMD added that despite the high inflationary and challenging global environment, the Group was able to leverage the rising interest rates environment in their markets and improved digital offerings, in growing funded and non-funded income.
Executive Director Finance and Risk, Ugo Nwaghodoh said, ”the performance demonstrates our Group’s resilience and commitment towards delivering value and enhancing the confidence of its customers, stakeholders and the wider public, notwithstanding the competitive landscape and current global trend in the industry.”
United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than twenty-five (25) million customers, across 1,000 business offices and customer touch points in 20 African countries.
With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.
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UBA Group, Africa’s most resilient banking group, reported stellar earnings performance in the third quarter of 2023
