KEY POINTS
-  UBA’s post-tax profit increased by 16.9 percent, to N525.31 billion.
- Â Q3 2024 gross earnings soared 83.2percent higher to N2.398 trillion.
- Â Technology investments helped delighting the customer and also efficiency of the operation.
United Bank for Africa (UBA) has reported N525.31 billion profit after tax for the third quarter of 2024, representing 16.9 percent growth over the N449.26 billion recorded at the end of third quarter of 2023.
The financial report, unaudited, filed with the Nigerian Exchange Ltd. (NGX), shows the bank making a formidable showing profit before tax increased by 20.2 percent to N603.48 billion.
UBA records strong profit growth, earnings boost
UBA’s gross earnings rose by 83.2 percent to N2.398 trillion in Q3 2023, compared to N1.308 trillion in 2022, Q3. The net interest income, which stood at N443 billion in 2014, jumped 149 percent to N1.103 trillion. The bank’s technology led initiatives and an expanded customer base supported this robust growth.
According to Group Managing Director, Oliver Alawuba, UBA continues to remain strong on the balance sheet with total assets increasing to N31.801 trillion, a 54 percent increase over the levels at the end of December.
Technology investment drives operational efficiency
Furthermore she said the bank was focused on driving technology to optimise operations and to give customers a wholesome, better experience.
During the year, total deposits soared to N26.50 trillion, a jump of 52.7 percent over 2015. This was on the heels of growth of the bank’s shareholders’ funds to N3.585 trillion, buoyed by both internal capital generation and growth in a number of its revenue streams.
According to Vanguard, Ugo Nwaghodoh, UBA’s Executive Director of Finance and Risk, said the group is keen to optimise cost of funds and operating expenses and adhere to regulatory requirements to foster future growth.
As a Pan African financial institution, UBA has continued to serve over 45 million customers in 20 African countries.
