Profit for [Quarter] Hits N156bn – delivering a YoY growth of 165%
United Bank
for Africa Plc (UBA), Africa’s Global Bank , released its financial results for
the first quarter ended March 31st, 2024, showing very strong growth across key
performance measures.
The Group’s
results, which were released to the Nigerian Exchange Limited (NGX) on Friday
May 3rd, 2024, saw outstanding year-on-year increases: Gross Earnings rose by
110%, from N271.1billion to N570.2 billion; Interest Income grew by 130%, to
N440.7 billion. Operating Income
increased by 115%, from N175.7 billion in 2023, to N378.59 billion.
Further consolidating the record performance delivered in the Group’s 2023 Full Year Audited Financials, UBA again saw Profit Before Tax rising significantly by 155% from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024; while Profit After Tax jumped from N53.5 billion to N142.5 billion, representing an impressive rise of 165% year-on-year.
Commenting
on the results, UBA’s Group Managing Director, Oliver Alawuba, said the Group
delivered strong first quarter performance, building on the solid momentum of
2023, as well as the ongoing execution of its long-held strategy of customer
focus, geographic diversification and effective risk management and governance.
He said,
“Our record Q1 profit before tax was delivered with triple digit gross earnings
growth, supported by very strong interest and non-interest income. Fees and
Commissions rose by 118% year-on-year on the back of improved efficiencies and
continued digital adoption. This has
helped drive improvement in efficiency and customer satisfaction, with the Group’s
cost-to-income ratio held at 57.8%.”
“The Group’s
balance sheet grew steadily with Total Assets increasing by 23% to N25.4
trillion. Customer deposits closed at N18.4 trillion, recording a 23% increase
year-on-year, largely attributed to growth in current accounts and savings
accounts.”
“Our unwavering commitment to sound
governance, robust risk management, and financial strength positions us for
continued growth, while we contribute meaningfully to inclusive economic
development across our network.”
Also
speaking on the performance, UBA's Executive Director, Finance and Risk, Ugo
Nwaghodoh, said the Group’s operating results for the quarter showed the
actions taken to enhance the Group’s performance continued to deliver.
He said,
“Our first quarter results highlight our relentless customer focus and the
strength of UBA’s geographic and product diversification, with good performance
across all our regions. We continue to
differentiate ourselves across all key financial metrics, with a keen focus on
high-quality risk adjusted revenues and cost discipline, while maintaining very
sound asset quality.“
“We remain
committed to reducing both interest expense and operating expenses and expect
to make steady progress as we move through the year toward our stated
profitability targets,” Nwaghodoh stated.
United Bank
for Africa Plc is a leading Pan-African financial institution, offering banking
services to more than twenty-five million customers , across over 1,000
business offices and customer touch points, in 20 African countries and across
4 continents.
With
presence in the United States of America, the United Kingdom, France and the
United Arab Emirates , UBA connects people and businesses across Africa through
retail; commercial and corporate banking; innovative cross-border payments and
remittances; trade finance and ancillary banking services.
0 Comments