United Bank for Africa Plc (UBA) has published its financial statement for the first quarter of 2024.
According to the results released to the Nigerian Exchange Limited (NGX), gross earnings rose by 110%, from N271.1 billion in Q1 2023 to N570.2 billion in Q1 2024.
The report also showed that interest income grew by 130% to N440.7 billion while operating income increased by 115% from N175.7 billion recorded in 2023 to N378.59 billion.
Further consolidating the record performance delivered in the group’s 2023 full year audited financials, profit before tax rose significantly by 155% from N61.7 billion in Q1 2023, to N156.34 billion in Q1 2024 while profit after tax increased to N142.5 billion during the period in review as against N53.5 billion reported in Q1 2023.
The increase represented 165% year-on-year growth.
Speaking on the report, UBA’s managing director, Mr 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.
“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,” he said.
Also speaking, the bank’s executive director, finance and risk, Mr Ugo Nwaghodoh, said the group’s operating results for the quarter showed the actions taken to enhance the group’s performance continued to deliver.
“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,” he said.
