UBA’S profit hits N142.5b in Q1 2024

UNITED Bank for Africa Plc ( UBA) has released its financial results for the first quarter ended March 31, 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 3, saw outstanding year- on- year increases.

Gross earnings rose by 110 per cent, from N271.1 billion to N570.2 billion; interest income grew by 130 per cent, to N440.7 billion.

Operating income increased by 115 per cent, from N175.7 billion in 2023, to N378.59 billion.

Further consolidating the record performance delivered in the group’s 2023 fullyear audited financials, UBA again saw profit before tax rising significantly by 155 per cent 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 per cent year- on- year.

Commenting on the results, UBA’S Group Managing Director, Oliver Alawuba, said the organisation 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 per cent 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 per cent.

“The group’s balance sheet grew steadily with total assets increasing by 23 per cent to N25.4 trillion. Customer deposits closed at N18.4 trillion, recording a 23 per cent increase year- on- year, largely attributed to growth in current accounts and savings accounts.”