…As Profit Before Tax Rises by 12.3% to N138.5 Billion
United Bank for Africa (UBA)’s has revealed its total assets for the end of the third quarter (Q3) period were estimated at N9.3 trillion, 9.1 per cent stronger than their value as of the end of December 2021.
It was disclosed in the bank’s statement on its unaudited financial results for the third quarter (Q3) ended September 30, 2022 submitted to the Nigerian Stock Exchange.
The financial statement showed that UBA’s profit before tax surged by 12.3 per cent to hit N138.5 billion during the period under review as against N123.4 billionn recorded at the end of the third quarter of 2021, while profit after tax rowe by 10.9 per cent to N116 billionn up from N104.6 billion recorded a year earlier, sustaining its annualised return on average equity for Q3, 2022 at 19.2 per cent.
On gross earning, the bank recorded N608 billion as of the end of September 2022 while the lender reported N420.2 billion in interest income, equivalent to an improvement of 22.3 per cent relative to a year ago.
UBa also recorded N163.4 billion as operating expenses in Q3 this is in contrast to N123.2 billion one year prior as shareholders’ funds remained strong at N809bn up from N805bn recorded in December 2021, reflecting a strong capacity for internal capital generation and growth.
Commenting on the result, the Group Managing Director/Chief Executive Officer, UBA, Mr Oliver Alawuba, said the group continued to show notable operating resilience amid significant headwinds in its presence markets amidst heightened global risk environment.
Its strong diversification model and unwavering focus on customer satisfaction continued to give the bank an edge over its peers in the industry, he said.
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.”