AFRICA’s global bank, United Bank for Africa (UBA) Plc, has announced remarkable performance in its unaudited financial results for the third quarter, Q3, ended September 30, 2022, recording impressive growth in its gross earnings by 23.3 per cent to N608 billion from N493 billion recorded in the corresponding period, September 2021,Q3’21.
The Bank’s operating income also grew by 27.3per cent to close at N414.1 billion as at September 2022, up from N334.8 billion achieved a year earlier.
In its financial report filed with the Nigerian Exchange Limited, (NGX), UBA reported a 12.3per cent rise in Profit Before Tax to close at N138.5 billion compared to N123.4 billion recorded at the end of the third quarter of 2021, while profit after tax also rose significantly by 10.9per cent to N116 billion up from N104.6 billion recorded a year earlier, thus sustaining its annualised return on average equity for Q3 2022 at 19.2per cent.
As always, UBA continues to maintain a very strong balance sheet, with total assets rising to N9.3 trillion, representing a 9.1per cent increase over the N8.5 trillion recorded at the end of December 2021, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Customer Deposits rising to N7.03 trillion, representing a 10.4per cent rise, up from N6.4 trillion at the end of the last financial year.
Commenting on the result, UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, remarked that the Group continues to show notable operating resilience amid significant headwinds in its presence markets amidst heightened global risk environment, adding that its strong diversification model and unwavering focus on customer satisfaction continues to give the bank an edge over its peers in the industry.
He said, “We continue to reap the benefits of our diversification strategy and customer -1st philosophy and build resilience in our operations across Africa and the rest of the world to support the mission of providing superior value to our stakeholders.
“This has translated into strong financial gains evident in growth in our customer deposits and Net interest margin. In addition, we are strategically positioned to drive our market share in our operating countries, with the strong growth of our payments and transaction banking offerings” Alawuba stated.
SOURCE: https://www.vanguardngr.com/2022/10/q322-ubas-gross-earnings-up-23-3-to-n608bn/
