United Bank for Africa Plc (UBA), known as Africa’s Global Bank, has announced its financial results for the first quarter ending on March 31st, 2024, showcasing impressive growth in key performance indicators.
The Group’s results, disclosed to the Nigerian Exchange Limited (NGX) on Friday, May 3rd, 2024, displayed remarkable year-on-year improvements:
Gross Earnings soared by 110%, from N271.1 billion to N570.2 billion; Interest Income surged by 130%, reaching N440.7 billion. Operating Income also saw a significant rise of 115%, climbing from N175.7 billion in 2023 to N378.59 billion.
Building on the exceptional performance of the Group’s 2023 Full Year Audited Financials, UBA witnessed a substantial increase in Profit Before Tax, jumping by 155% from N61.7 billion in Q1 2023 to N156.34 billion in Q1 2024.
Profit After Tax also experienced a notable growth, escalating from N53.5 billion to N142.5 billion, marking a remarkable 165% year-on-year increase.
In his remarks on the results, UBA’s Group Managing Director, Oliver Alawuba, attributed the strong first quarter performance to the Group’s customer-centric approach, geographic diversification, and effective risk management and governance strategies.
He highlighted the triple-digit growth in gross earnings, supported by robust interest and non-interest income, as well as the improvement in efficiency and customer satisfaction.
Alawuba emphasized the Group’s commitment to sound governance, risk management, and financial strength, positioning UBA for sustained growth and meaningful contributions to inclusive economic development across its network.
UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, also commented on the performance, noting the positive impact of the actions taken to enhance the Group’s operational results.
He highlighted the relentless customer focus, geographic and product diversification, and strong financial metrics across all regions.
Nwaghodoh reiterated the Group’s focus on reducing interest expense and operating costs while maintaining sound asset quality, with a goal of achieving profitability targets in the coming quarters.
UBA, a leading Pan-African financial institution, serves over twenty-five million customers through a network of more than 1,000 business offices and customer touchpoints in 20 African countries and across 4 continents.
With a presence in the USA, UK, France, and the UAE, UBA facilitates banking services, cross-border payments, trade finance, and other ancillary services to connect people and businesses across Africa.
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