UBA RECORDS RISE IN GROSS EARNINGS
UNITED Bank for Africa (UBA) Plc group which has a presence in Zambia has recorded a rise in gross earnings of US$1.4 billion amidst significant headwinds in its present markets coupled with heightened global risk environment.
These earnings contained in unaudited financial results for the third quarter ended September 30, 2022 are up from US$1.13 billion recorded in September 2021.
The unaudited results also indicated that operating income grew by 27.3 percent to close at US$951.9 million as at September 2022, up from US$769.6 million achieved a year earlier.
In its financial report filed with the Nigerian Stock Exchange (NSE), UBA reported a 12.3 percent rise in Profit before Tax to close at US$318.4 million compared to US$283.7 million recorded at the end of the third quarter of 2021.
UBA also recorded total assets rising to US$21.2 billion, representing a 9.1 percent increase over the US$19.4 billion recorded at the end of December 2021, just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years,
UBA is strategically positioned to drive its market share in operating countries, with the strong growth
15 of payments and transaction banking offerings, says Group’s Managing Director Oliver Alawuba in his comment on the results.
Mr Alawuba, who is also group’s Chief Executive Officer said UBA continued to show notable operating resilience amid significant headwinds in its presence markets amidst heightened global risk environment.
He stated that UBA’s strong diversification model and unwavering focus on customer satisfaction continued to give the bank an edge over its peers in the industry.
“We continue to reap the benefits of our diversification strategy and Customer -1st philosophy and build resilience in our operations across Africa and the Rest of the World to support the mission of providing superior value to our stakeholders.
And the group’s Executive Director, Finance and Risk Management, Ugo Nwaghodoh, said UBA’s profitability increased by 12.3 percent to US$318.4 million, with underlying growth in its key income lines and moderation in cost of funds.