UBA nets N570.2bn earnings as profit hits N156.34bn in 3 months

UBA headquarters in Lagos

The United Bank for Africa Plc (UBA) has announced gross earnings of N570.2 billion for the first quarter of 2024 which ended on March 31.

UBA noted that its gross earnings rose by 110 per cent, from N271.1 billion to N570.2 billion in Q1 2024.

The bank disclosed this via its financial results released to the Nigerian Exchange Limited (NGX) on Friday, May 3.

UBA’s interest income grew by 130 per cent to N440.7 billion, while operating income increased by 115 per cent from N175.7 billion in 2023 to N378.59 billion in the first quarter of 2024.

The bank stated that its Profit Before Tax rose by 155 per cent from N61.7 billion in Q1 2023 to N156.34 billion in Q1 2024, while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing a rise of 165 per cent year-on-year.

UBA inducts 398 youths after GMAP training

Commenting on the results, UBA’s Group Managing Director, Oliver Alawuba, said the bank delivered a strong first-quarter performance, building on the solid momentum of 2023, as well as the ongoing execution of its long-held strategy of customer focus, geographic diversification, and effective risk management and governance.

Alawuba said: “Our record Q1 profit before tax was delivered with triple digit gross earnings growth, supported by very strong interest and non-interest income.

“Fees and commissions rose by 118 per cent year-on-year on the back of improved efficiencies and continued digital adoption. This has helped drive improvement in efficiency and customer satisfaction, with the Group’s cost-to-income ratio held at 57.8 per cent.

“The Group’s balance sheet grew steadily with Total Assets increasing by 23 per cent to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23 per cent increase year-on-year, largely attributed to growth in current accounts and savings accounts.”

“Our unwavering commitment to sound governance, robust risk management, and financial strength positions us for continued growth, while we contribute meaningfully to inclusive economic development across our network.”

Also speaking on the performance, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, said the bank’s operating results for the quarter showed the actions taken to enhance the Group’s performance continued to deliver.

The Star