United Bank for Africa Plc (UBA) reported significant growth in its financial performance for the third quarter of 2024, with gross earnings rising by 83.2% year-on-year to N2.39 trillion, up from N1.31 trillion during the same period in 2023.
In its unaudited results filed with the Nigerian Exchange Limited, UBA highlighted a substantial increase in net interest income, which soared by 149% to N1.10 trillion, compared to N443 billion in Q3 2023.
The bank’s profit before tax increased by 20.2% to N603.48 billion, up from N502.09 billion a year earlier, while profit after tax rose by 16.9% to N525.31 billion, compared to N449.26 billion in Q3 2023.
UBA’s total assets reached N31.80 trillion, marking a 54% increase from N20.65 trillion recorded at the end of December 2023.
Total deposits also saw a remarkable rise, climbing to N26.50 trillion, a 52.7% increase from N17.355 trillion at the end of the previous financial year.
Shareholders’ funds stood at N3.59 trillion, up from N2.03 trillion in December 2023.
Commenting on the impressive results, UBA’s Group Managing Director/Chief Executive Officer, Mr. Oliver Alawuba, expressed satisfaction with the group’s strong and sustainable growth across various revenue streams, attributing this success to technology-led initiatives aimed at enhancing customer experience.
CREDIT: Allneeds, PUNCH
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