The United Bank for Africa (UBA) experienced remarkable financial growth in the first nine months of 2023, with its revenue surging by 115.2% to N1.31tn compared to N608bn in the same period of 2022.
These results were disclosed in the condensed interim consolidated financial statements for the period ending on September 30, 2023, which UBA submitted to the Nigerian Exchange Limited.
During this period, the bank also saw its operating income rise by 146% from N414bn in September 2022 to N1.02tn in 2023.
Furthermore, its profit after tax soared by an impressive 287.18% to N449.30bn, up from N116.04bn in 2022, surpassing its annualized return on average equity for Q3, 2023, at 131% to 44.37%. These outstanding results followed the positive growth trend seen in the previous quarters of the year.
UBA continued to maintain a robust balance sheet, with total assets increasing to N16.24tn, representing a substantial 49.5% growth from the N10.86tn recorded at the end of December 2022.
Customer deposits also rose significantly to N11.63tn, a 48.6% increase from N7.8tn at the end of the previous financial year. Shareholders’ funds for UBA stood at N1.778tn, an increase from N922.1bn as of December 2022.
Commenting on these results, UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, attributed the impressive performance to factors such as FX harmonization, efficient balance sheet management, and service-focused strategies.
He emphasized the bank’s continued commitment to delivering value to shareholders and stakeholders, particularly outside of Nigeria.
Looking ahead, Mr. Alawuba expressed optimism that this growth trend would be sustained in the final quarter of the year, as UBA remains focused on delivering enhanced returns to its shareholders.
UBA’s Executive Director, Finance & Risk, Ugo Nwaghodoh, highlighted the strong momentum of the bank, with improvements across its businesses and key performance metrics.
He stressed UBA’s dedication to achieving sustainable and improved performance across its various business segments, despite changes in monetary and fiscal regimes in some markets.
