United Bank for Africa Plc reported its 2024 third-quarter results showing pre-tax profits grew by 101.88% year on year, reaching N194 billion.
This took nine-month pre-tax profits to N603.483 billion versus N502.091 billion in the same period last year.
In Q3 2024, UBA delivered impressive financial results, with significant growth across both its top-line and bottom-line metrics.
This strong quarterly performance, along with solid first-half results, boosted the bank’s nine-month profit after tax to N525 billion.
On the balance sheet health, the group’s total assets grew by 54% to N31.801 trillion, driven by increases in cash and bank balances, loans and advances to customers, and investments in securities.
The 47% growth in loans and advances to customers, which reached N7.67 trillion, outpaced the bank’s 2024 loan growth guidance of 20%, indicating strong lending activity and demand from both retail and corporate clients.
Similarly, customer deposits rose by 54% to N22.968 trillion, surpassing the 2024 deposit growth target of 20%.
This robust deposit growth reflects the bank’s ability to attract and retain customers in a competitive environment.
It also builds on the 93% deposit growth achieved in 2023, which exceeded the 2023 guidance of 45%.
The sustained growth in deposits is a positive signal, as it provides the bank with a stable and cost-effective funding base, supporting lending operations and balance sheet expansion.
Overall, the bank expressed satisfaction with its performance. Commenting on the results, the Executive Director of Finance & Risk Management, Ugo Nwaghodoh, remarked:
“I am delighted at the milestone reached in driving operational efficiency, reflected in the cost-to-income ratio normalizing around the 50% range. We remain on track with various strategies to optimize our cost of funds and operating expenses.”