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| Oliver Alawuba, CEO, UBA Plc. |
Africa’s Global bank, United Bank for Africa Plc, UBA, today, announced her Q3 performance with its unaudited financial result for 2022, posting the Gross Earnings which hit all high N608bn, reports 12.3% growth in profit.
The
bank’s Gross Earnings rose to N608 billion, from N493 billion recorded in
September 2021, while Operating income also grew by 27.3% to close at N414.1
billion as at September 2022, up from N334.8 billion achieved a year earlier.
In
its financial report filed with the Nigerian Stock Exchange (NSE), UBA reported
a 12.3% rise in Profit Before Tax to close at N138.5 billion compared to N123.4
billion recorded at the end of the third quarter of 2021, while profit after
tax also rose significantly by 10.9% to N116 billion up from N104.6 billion
recorded a year earlier, thus sustaining its annualized return on average
equity for Q3 2022 at 19.2%.
UBA
continues to maintain a very strong balance sheet, with Total Assets rising to
N9.3 trillion, representing a 9.1% increase over the N8.5 trillion 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, with Customer Deposits rising to N7.03 trillion, representing a
10.4% rise, up from N6.4 trillion at the end of the last financial year.
UBA
shareholders’ funds remained very strong at N809 billion up from N805 billion
recorded in December 2021 again reflecting a strong capacity for internal
capital generation and growth.
Commenting
on the result, UBA’s Group Managing Director/Chief Executive Officer, Mr.
Oliver Alawuba, remarked that the Group continues to show notable operating
resilience amid significant headwinds in its presence markets amidst heightened
global risk environment, adding that its strong diversification model and
unwavering focus on customer satisfaction continues to give the bank an edge
over its peers in the industry.
He
said, “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.
“This
has translated into strong financial gains evident in growth in our customer
deposits and Net interest margin. In addition, we are strategically positioned
to drive our market share in our operating countries, with the strong growth of
our payments and transaction banking offerings,” Alawuba stated.
Executive
Director, Finance & Risk Management, Ugo Nwaghodoh, said, “The Group’s
profitability increased by 12.3% to N138.5 billion, with underlying growth in
our key income lines and moderation in our cost of funds.
We
remain very cautious in risk asset creation as we defensively position our
asset portfolios to minimize the impact of the heightened credit risk.
Consequently, our NPL ratio remains within acceptable threshold at 3.2%.
United
Bank for Africa Plc is a leading Pan-African financial institution, offering
banking services to more than twenty-five (25) million customers, across 1,000
business offices and customer touch points in 20 African countries. With
presence in New York, London, Paris, and Dubai, UBA is connecting people and
businesses across Africa through retail, commercial and corporate banking,
innovative cross-border payments and remittances, trade finance and ancillary
banking services.
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