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UBA grows Q3 revenue by 115.2% to N1.3tn


The United Bank for Africa grew its revenue by 115.2 per cent to N1.31tn in the first nine months of 2023, from N608bn recorded within the same period in 2022.

This was revealed in the condensed interim consolidated financial statements for the period ended September 30, 2023 that the lender filed with the Nigerian Exchange Limited on Monday.

Its operating income for the period under review also rose by 146 per cent from N414bn in September 2022 to N1.02tn in 2023, while its profit after tax rose by 287.18 per cent to N449.30bn, from N116.04bn in 2022, surpassing its annualised return on average equity for Q3, 2023 at 131 per cent to 44.37 per cent.

The performance matched the trend from the previous quarters of the year where the financial institution had reported positive growth in key metrics.

Same as in the preceding quarters, UBA maintained a very strong balance sheet, with total assets rising to N16.24tn, representing a 49.5 per cent increase over the N10.86tn recorded at the end of December 2022 with customer deposits rising to N11.63tn representing a 48.6per cent rise, up from N7.8tn at the end of the last financial year.

UBA shareholders’ funds stood at N1.778tn, an increase from N922.1bn as of December 2022.

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.”

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