UBA achieves remarkable 115.2% Q3 revenue growth, reaches N1.3 trillion

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UBA achieves remarkable 115.2% Q3 revenue growth, reaches N1.3 trillion
UBA achieves remarkable 115.2% Q3 revenue growth, reaches N1.3 trillion

The United Bank for Africa (UBA) has shown outstanding financial performance by achieving a remarkable 115.2% revenue growth, reaching N1.31 trillion in the first nine months of 2023.

This substantial increase, compared to the N608 billion recorded during the same period in 2022, was disclosed in the condensed interim consolidated financial statements submitted to the Nigerian Exchange Limited on Monday.

Furthermore, UBA’s operating income for the same period exhibited an impressive surge of 146%, rising from N414 billion in September 2022 to N1.02 trillion in 2023.

The bank’s profit after tax experienced exceptional growth as well, surging by 287.18% to N449.30 billion, in comparison to N116.04 billion in 2022.

This remarkable performance resulted in an annualized return on average equity for Q3, 2023, standing at an impressive 131%.

These financial achievements align with the bank’s consistent trend throughout the year, where UBA reported substantial growth in key metrics.

Throughout this period, UBA maintained a robust balance sheet, with total assets increasing to N16.24 trillion, marking a significant 49.5% rise from the N10.86 trillion recorded at the close of December 2022.

Customer deposits also saw substantial growth, reaching N11.63 trillion, representing a 48.6% increase from N7.8 trillion at the end of the previous financial year.

Shareholders’ funds at UBA now stand at N1.778 trillion, compared to N922.1 billion as of December 2022.

UBA’s Group Managing Director/CEO, Mr. Oliver Alawuba, commented on these impressive results, attributing them to the impact of FX harmonization, efficient balance sheet management, and service-focused strategies.

He highlighted the bank’s success in seizing business opportunities beyond Nigeria, particularly across Sub-Saharan Africa.

Looking ahead, Alawuba expressed optimism that the growth trend would continue in the final quarter of the year, with a commitment to delivering enhanced returns to shareholders through customer-centric strategies, speed to market, and innovation.

He emphasized UBA’s determination to expand digital and transactional banking offerings while forging strategic alliances to capitalize on emerging opportunities.

Ugo Nwaghodoh, UBA’s Executive Director of Finance & Risk, also underscored the bank’s strong momentum, attributing it to higher asset yields, modest funding costs, and balance sheet optimization.

He reiterated the bank’s commitment to delivering sustainable and improved performance across various business segments, despite changes in monetary and fiscal regimes in some markets.

UBA’s exceptional performance in the first nine months of 2023 reflects the bank’s resilience, adaptability, and strategic focus on delivering value to its stakeholders and shareholders.