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United Bank for Africa (UBA) has achieved significant revenue growth, with a remarkable increase of 115.2% to N1.31 trillion in the first nine months of 2023, compared to N608 billion during the same period in 2022. These financial results were disclosed in the condensed interim consolidated financial statements for the period ending September 30, 2023, as submitted to the Nigerian Exchange Limited on Monday.
Operating income for the same period exhibited impressive growth, surging by 146%, from N414 billion in September 2022 to N1.02 trillion in 2023. Furthermore, UBA’s profit after tax experienced a substantial rise of 287.18%, reaching N449.30 billion, as opposed to N116.04 billion in 2022. This performance also translated into an annualized return on average equity for Q3, 2023, at 44.37%, signifying a 131% increase.
These results are in line with the positive growth trends observed in previous quarters of the year. UBA’s financial position remains robust, with total assets now standing at N16.24 trillion, reflecting a remarkable 49.5% increase compared to N10.86 trillion at the end of December 2022. Customer deposits have surged to N11.63 trillion, marking a significant 48.6% rise from N7.8 trillion at the close of the previous fiscal year. Shareholders’ funds in UBA have reached N1.778 trillion, a substantial increase from N922.1 billion as of December 2022.
Commenting on these impressive results, Mr. Oliver Alawuba, Group Managing Director/CEO of UBA, attributed this substantial improvement to factors such as FX harmonization, efficient balance sheet management, and the bank’s service-oriented strategies. He emphasized the bank’s continued expansion in regions beyond Nigeria, capitalizing on broader business opportunities across Sub-Saharan Africa.
Looking ahead, Alawuba expressed optimism about sustaining this growth in the final quarter of the year. UBA intends to strengthen its market share by leveraging customer-centric strategies, speed to market, and innovation, while also expanding and enhancing digital and transactional banking offerings and forming strategic alliances to seize emerging opportunities.
Ugo Nwaghodoh, UBA’s Executive Director, Finance & Risk, highlighted the strong momentum demonstrated by the bank in the third quarter, with consistent improvements across its businesses and key performance metrics. He noted that this was a result of higher asset yields, modest funding costs, and balance sheet optimization. Nwaghodoh also emphasized UBA’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 Q3 underscores the bank’s focus on delivering value to shareholders and stakeholders while maintaining its position as a leading financial institution in Africa and beyond.
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