United Bank for Africa Plc (UBA), Africa’s Global Bank, has unveiled its financial results for the first quarter ended March 31st, 2024, showcasing remarkable growth across key performance indicators.
Released to the Nigerian Exchange Limited (NGX) on Friday, May 3rd, 2024, the Group’s results boasted impressive year-on-year increases: Gross Earnings surged by 110%, from N271.1 billion to N570.2 billion; Interest Income soared by 130% to N440.7 billion, while Operating Income witnessed a substantial rise of 115%, from N175.7 billion in 2023 to N378.59 billion.
Consolidating on its stellar performance in the 2023 Full Year Audited Financials, UBA witnessed a significant surge in Profit Before Tax by 155%, from N61.7 billion in Q1 2023 to N156.34 billion in Q1 2024. Profit After Tax also experienced a remarkable leap from N53.5 billion to N142.5 billion, marking an impressive rise of 165% year-on-year.
In his remarks on the results, UBA’s Group Managing Director, Oliver Alawuba, attributed the strong first quarter performance to the Group’s unwavering commitment to customer focus, geographic diversification, and effective risk management. Alawuba highlighted the triple-digit growth in gross earnings, supported by robust interest and non-interest income, as key drivers behind the record-breaking profit before tax.
Furthermore, UBA’s Executive Director, Finance and Risk, Ugo Nwaghodoh, emphasized the Group’s relentless customer focus and the strength of its geographic and product diversification. He underscored the commitment to high-quality risk-adjusted revenues and cost discipline, with a keen focus on reducing interest and operating expenses while maintaining sound asset quality.
UBA’s strong financial performance solidifies its position as a leading Pan-African financial institution, serving over twenty-five million customers across more than 1,000 business offices and customer touch points in 20 African countries and across 4 continents. With a presence in the United States of America, the United Kingdom, France, and the United Arab Emirates, UBA continues to connect people and businesses across Africa through innovative banking services and cross-border solutions.
