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Q3 2024: UBA’s gross earnings up by 83.2 per cent to N2.398tr

UBA

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Riding on its recently released half-year financials, the United Bank for Africa (UBA) Plc has announced its unaudited results for the third quarter ended September 30, 2024, where it recorded a 149 per cent net interest income.

As in the first two quarters of the current fiscal year, the bank’s gross earnings grew significantly by 83.2 per cent to N2.398tn up from N1.308tn recorded in September last year, while its net Interest income which stood at N443.0bn at the end of the third quarter in 2023, rose by 149 per cent to N1.103tn in the period under consideration.

The bank’s financial report filed with the Nigerian Exchange Limited on Monday also indicated a 20.2 per cent increase in Profit before Tax (PBT) to close at N603.48bn, compared to N502.09bn recorded at the end of the third quarter of 2023.

Its profit after tax also rose by 16.9 per cent from N449.26bn recorded a year earlier to N525.31bn in the period under review.

As in the preceding two quarters this year, UBA said it continued to maintain a very strong balance sheet, with Total Assets rising to N31.801tn, representing a 54.0 per cent increase over the N20.653tn recorded at the end of December 2023.

This is just as the bank benefitted largely from its technology-led initiatives targeted at improving customer experience over the past few years, with Total Deposits rising to N26.50tn, representing a 52.7 per cent rise, up from N17.355tn at the end of the last financial year.

UBA shareholders’ funds remained at N3.585tn up from N2.030tn recorded in December 2023, reflecting a strong capacity for internal capital generation and growth.

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