United Bank for Africa (UBA) Plc, has announced remarkable performance in its unaudited financial results for the third quarter of this year, recording impressive growth across all its major indices.
This replicates the commendable performance it achieved in the first two quarters of the current fiscal year.
Specifically, the bank’s gross earnings rose to $1.4billion, up from $1.13billion recorded in September 2021, while operating income also grew by 27.3 per cent to close at $951.9 million as of September 2022, up from $769.6million achieved a year earlier.
In its financial report filed with the Nigerian Stock Exchange (NSE), UBA reported a 12.3 per cent rise in Profit Before Tax to close at $318.4 million compared to $283.7million recorded at the end of the third quarter of 2021, while profit after tax also rose significantly by 10.9 per cent to $266.6 million up from $240.4 million recorded a year earlier.
The bank also continued to maintain a very strong balance sheet, with total assets rising to $21.2 billion, representing a 9.1 per cent increase over the $19.4 billion recorded at the end of December 2021.
UBA shareholders’ funds remained very strong at $1.85 billion up from $1.84 billion recorded in December 2021 again reflecting a strong capacity for internal capital generation and growth.
Commenting on the result in a statement issued in Accra yesterday, UBA’s Group Managing Director/Chief Executive Officer, Mr Oliver Alawuba, said that the group continued to show notable operating resilience amid significant headwinds in its presence markets amidst heightened global risk environment.
He said the bank’s 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 per cent to $318.4 million, 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 minimise the impact of the heightened credit risk. Consequently, our NPL ratio remains within acceptable threshold at 3.2 per cent,” he said.
BY TIMES REPORTER