United Bank for Africa Reports Stellar Growth, With 115.2% Revenue Surge

The United Bank for Africa (UBA) has reported impressive financial results for the first nine months ended September 30, 2023.

According to the condensed interim consolidated financial statements filed with the Nigerian Exchange Limited, the bank’s revenue surged by 115.2% to N1.31 trillion, a leap from the N608 billion recorded during the same period in 2022.

UBA’s operating income for the same period also witnessed substantial growth, increasing by 146% from N414 billion in September 2022 to N1.02 trillion in 2023. Also, the bank’s profit after tax soared by an impressive 287.18% to N449.30 billion.

Throughout the year, UBA maintained a robust balance sheet with total assets growing to N16.24 trillion, representing a 49.5% increase over the N10.86 trillion recorded at the end of December 2022.

Customer deposits also increased to N11.63 trillion, a 48.6% increase from N7.8 trillion at the end of the previous financial year. UBA’s shareholders’ funds also saw a considerable increase, standing at N1.778 trillion, compared to N922.1 billion as of December 2022.

This exceptional performance demonstrates UBA’s resilience and ability to adapt in a dynamic financial landscape.

Commenting on the result, UBA’s Group Managing Director/CEO, Mr Oliver Alawuba, said the Group had once again shown sustainable and remarkable improvement in key performance metrics over the period, reflecting its commitment to delivering value to shareholders and various stakeholders.

He said, “This significant improvement is attributed to the impact of FX harmonisation, efficient balance sheet management, and our service-focused strategies. Our banking operations outside of Nigeria have continued to capture the broader business opportunities inherent across, and beyond Sub-Saharan Africa.”

Speaking on the lender’s outlook, the GMD explained that the bank would continue to leverage its customer-centric strategies, speed to market, and innovation to consolidate market share in its various jurisdictions, as he pledged the bank’s commitment towards expanding and deepening digital and other transactional banking offerings while building strategic alliances to take advantage of emerging opportunities in due time.

“Looking ahead, we are optimistic that the growth trajectory will be sustained in the final quarter of the year as we remain focused on consolidating the gains achieved so far in delivering enhanced returns to our shareholders,” Alawuba stated.

In his comments, the bank’s Executive Director, Finance & Risk, Ugo Nwaghodoh, said, “Our performance in the third quarter demonstrates the strong momentum of the bank, as we deliver continuous improvements across our businesses and key performance metrics. This is reflective of the combined impact of higher asset yields, modest funding cost, and balance sheet optimisation.

Speaking on UBA’s strategy for an excellent performance by the end of the 2023 financial year, Nwaghodoh said, “Notwithstanding changes in the monetary and fiscal regime in some of our markets, we remain committed to driving sustainable and improved performance across our various business segments.”