UBA Records N156 Billion Profit in Q1 2024

The group's financial performance, submitted to the Nigerian Exchange Limited (NGX), demonstrated a substantial year-on-year growth. Gross earnings surged by 110%, climbing from N271.1 billion to N570.2 billion; interest income saw a 130% increase to N440.7 billion, and operating income rose by 115% from N175.7 billion in 2023 to N378.59 billion in the current year.

United Bank for Africa has disclosed its unaudited financial reports for the first quarter of 2024, revealing a pre-tax profit of N156.3 billion. This figure represents a significant 155% increase compared to the N61.4 billion recorded in the same period of 2023.

The group's financial performance, submitted to the Nigerian Exchange Limited (NGX), demonstrated a substantial year-on-year growth. Gross earnings surged by 110%, climbing from N271.1 billion to N570.2 billion; interest income saw a 130% increase to N440.7 billion, and operating income rose by 115% from N175.7 billion in 2023 to N378.59 billion in the current year.

UBA's Group Managing Director, Oliver Alawuba, commented on the robust first-quarter results, emphasizing the continuation of the strong momentum from 2023 and the effective implementation of the group's strategy centered on customer service, geographic diversification, and sound risk management.

"Our exceptional Q1 profit before tax was achieved with a significant increase in gross earnings, bolstered by robust interest and non-interest income. Year-on-year, fees and commissions experienced a 118% rise due to enhanced efficiencies and the ongoing shift towards digital platforms. These factors have contributed to improved operational efficiency and customer satisfaction, maintaining the Group’s cost-to-income ratio at 57.8%," Alawuba stated.

UBA's Executive Director of Finance and Risk, Ugo Nwaghodoh, also shared insights, noting that the Group's operational outcomes for the quarter reflect the effectiveness of measures implemented to boost performance.

"Our Q1 results underscore our unwavering commitment to customer service and the robustness of UBA's geographic and product diversification, which has yielded positive results across all regions. We continue to stand out in all essential financial indicators, focusing on high-quality, risk-adjusted revenues and cost efficiency, all the while preserving excellent asset quality," Nwaghodoh remarked.

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