United Bank for Africa (UBA) Plc has reported a significant 20% increase in profit before tax, reaching N603.48 billion for the nine months ending September 2024, compared to N502.09 billion in the same period last year.
This impressive growth was largely fueled by a staggering 149% surge in net interest income and an 83.2% increase in gross earnings, which amounted to N2.398 trillion, up from N1.308 trillion recorded in September 2023.
The bank’s latest financial results were disclosed in its unaudited report filed with the Nigerian Exchange Limited.
In addition to the profit growth, UBA maintained a robust balance sheet, with total assets increasing by 54% to N31.801 trillion, up from N20.653 trillion at the end of December 2023.
The bank's shareholders' funds also grew significantly, rising to N3.585 trillion from N2.030 trillion at the end of the previous financial year, showcasing UBA's strong capacity for internal capital generation and growth.
Oliver Alawuba, UBA’s Group Managing Director and CEO, expressed satisfaction with the bank's performance, highlighting its resilience amid ongoing macroeconomic challenges such as inflation and exchange rate volatility.
He noted that net interest income expanded by 149% year-on-year to N1.10 trillion, with a net interest margin of 8.03%, significantly above last year's figures.
Alawuba attributed this success to consistent growth across all core banking income lines and emphasized the impact of substantial investments in technology aimed at enhancing customer experience and operational efficiency.
