The United Bank for Africa (UBA) Plc reported a significant growth in its Q3 2023 unaudited financial results. According to a filing by [Nigerian Exchange Limited](#), the bank’s gross earnings soared by 115.2% to N1.309 trillion, up from N608bn in the previous year. Moreover, its operating income increased by 146% to N1.018 trillion from N414 billion in September 2022.
Notably, UBA’s Profit Before Tax (PBT) skyrocketed by 262%, closing at N502.01 billion. This is in contrast to the N138.49 billion in Q3 2022. Similarly, the profit after tax witnessed a 287.2% rise, reaching N449.29 billion. This growth significantly exceeds its annual return on average equity for Q3 2023 at 131% to 44.37%.
UBA’s total assets now stand at N16.24 trillion, marking a 49.5% increase from December 2022’s N10.86 trillion. Additionally, the bank’s customer deposits reached N11.63 trillion, up by 48.6% from N7.8 trillion in the previous financial year.
Mr. Oliver Alawuba, UBA’s Group Managing Director/CEO, emphasized the bank’s commitment to shareholder value. He credited the performance to effective balance sheet management and service-focused strategies. Alawuba expressed confidence in maintaining this growth trajectory for the remainder of the year.
Furthermore, Ugo Nwaghodoh, the bank’s executive director of Finance & Risk, highlighted the bank’s momentum. He acknowledged higher asset yields, optimal balance sheet management, and modest funding cost as contributing factors. Despite changing market conditions, Nwaghodoh assured that UBA remains focused on sustainable performance.
The UBA Plc, a leading Pan-African bank, serves over 25 million customers across 20 African countries. With a global presence in major cities like New York and London, UBA offers a range of banking services, from retail to trade finance.
