Africa’s Global Bank, United Bank for Africa Plc has disclosed that its gross earnings rose to N608bn as of the end of September 2022 from N493bn in September 2021.
A statement on its unaudited financial results for the third quarter ended September 30, 2022, showed it recorded impressive growth across all its major indices, replicating the performance it achieved in the first two quarters of the current fiscal year.
Operating income grew by 27.3 per cent to close at N414.1bn in the period under review from N334.8bn in same period of 2021.
UBA’s financial report filed with the Nigerian Stock Exchange showed it recorded 12.3 per cent rise in profit before tax to close at N138.5bn from N123.4bn recorded at the end of the third quarter of 2021, while profit after tax also rose significantly by 10.9 per cent to N116bn up from N104.6bn recorded a year earlier, sustaining its annualised return on average equity for Q3, 2022 at 19.2 per cent.
UBA maintained a strong balance sheet, with total assets rising to N9.3tn, representing a 9.1 per cent increase over the N8.5tn 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 N7.03tn, representing a 10.4 per cent rise, up from N6.4tn at the end of the last financial year.
UBA shareholders’ funds remained strong at N809bn up from N805bn recorded in December 2021, reflecting a strong capacity for internal capital generation and growth.
Commenting on the result, the Group Managing Director/Chief Executive Officer, UBA, Mr Oliver Alawuba, said the group continued to show notable operating resilience amid significant headwinds in its presence markets amidst heightened global risk environment.
Its strong diversification model and unwavering focus on customer satisfaction continued to give the bank an edge over its peers in the industry, he said.
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.”
